Story perspectives

Oil surges risk as Strait traffic hits decade lows

9/8/2026

Summary

Goldman Sachs Warns

Goldman Sachs warned oil could climb to $120 a barrel if Middle East shipping attacks intensify.
Brent crude traded near $97 per barrel, its highest level since July, on September 7, 2026.
Average tanker transits through the Strait of Hormuz fell to ten vessels over ten days, the lowest since May.
OPEC+ decided to keep its oil-production policy unchanged for October, limiting additional output to stabilise the market.

Summary

Trump Urges Refineries

President Donald Trump urged oil companies to expand refining capacity to lower pump prices amid Iran war shocks.
Trump met with oil executives on Tuesday, stressing capacity growth despite profitability concerns, per the Wall Street Journal.
Industry analysts warned that building new refineries is a tough sell for producers given current market volatility.
Equity markets fell and Treasury yields rose to their highest since January 2025 after the oil-price rally.

History

Historical Context

The 1973 OAPEC oil embargo, launched in October 1973 and lifted in March 1974, drove world crude from $3 to $11.65 per barrel—a near-300 % jump. That shock showed how geopolitical cuts can destabilize markets, prompting OPEC+ production caps today. In September 2026 Goldman Sachs warned that Strait of Hormuz attacks could push Brent toward $120, while former President Donald Trump urged refiners to add capacity.

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Goldman Sachs Warns

Goldman Sachs warned oil could climb to $120 a barrel if Middle East shipping attacks intensify.
Brent crude traded near $97 per barrel, its highest level since July, on September 7, 2026.
Average tanker transits through the Strait of Hormuz fell to ten vessels over ten days, the lowest since May.
OPEC+ decided to keep its oil-production policy unchanged for October, limiting additional output to stabilise the market.

1 / 3