07.09.2026 10:31
Oil prices continue to rise amid US-Iran tensions and concerns over shipments in the Strait of Hormuz. Brent crude is trading around $97, while Goldman Sachs has warned that prices could rise to as high as $120 if attacks on ships in the Middle East increase. The rise in oil has also been reflected in fuel prices in Turkey, with diesel reaching 89 liras in Istanbul and exceeding 90 liras in Ankara and Izmir.
In global oil markets, supply concerns originating from the Middle East have once again become the main determinant of prices. Following mutual attacks by the US and Iran on oil tankers and ships, concerns have strengthened that shipments through the Strait of Hormuz, one of the world's most critical energy transit points, could be disrupted for a longer period.
BRENT APPROACHES $98
Brent crude, which was around $96.80 in the early hours of the day, accelerated its rise in the following hours, reaching the $97-98 band. On Bloomberg HT's market screen, Brent crude reached $97.81, while WTI reached $93.
The rise in oil is not unique to today. Last week, Brent gained 7.8 percent and WTI approximately 10 percent.
TRANSITS THROUGH HORMUZ HIT BOTTOM
The main concern of the markets, however, is tanker traffic in the Strait of Hormuz. According to Kpler data, an average of only 10 commodity vessels passed through the strait daily in the last 10 days. This figure was the lowest level seen since May. The fact that approximately one-fifth of the world's oil supply is traditionally transported via this route causes every new military development in the region to lead to sharp movements in oil prices.
MUTUAL ATTACKS FROM THE US AND IRAN
The US Central Command announced that American forces struck three Iranian oil tankers on Saturday. It was stated that one of the tankers was targeted near Kharg Island, one of Iran's major oil export centers. Iran's Islamic Revolutionary Guard Corps Navy, on the other hand, announced that it targeted three oil tankers in the Strait of Hormuz, as well as three US vessels in different areas.
$120 WARNING FROM GOLDMAN SACHS
A striking forecast also came from Goldman Sachs following the rise in oil markets. The bank predicted that oil prices could rise up to $120 per barrel if attacks on maritime transport in the Middle East increase. The bank also highlighted an alternative scenario in which prices could fall back to $80 if oil exports from the region normalize.
OPEC+ DOES NOT CHANGE PRODUCTION POLICY
OPEC+, which met during a period of rapidly rising oil prices, did not make any changes to its production policy for October. Producer countries are expected to agree on new production quotas before determining their next steps.
SHARP REFLECTION ON FUEL PRICES IN TURKEY
The rise in oil directly affects fuel prices in Turkey as well. On September 3, a price increase of 1.10 TL was reflected on LPG, and from September 4 onwards, 7.76 TL on diesel and 2.47 TL on gasoline.
As of September 7, with no new increase or decrease, the price of gasoline per liter stands at 76.92 TL and diesel per liter at 88.89 TL on the European side of Istanbul. In Ankara, diesel reached 90.02 TL, and in Izmir, it reached 90.29 TL.