Oil prices were trading higher on Tuesday, 8 September, as traders awaited further details on a reported agreement between Iran and Oman to manage maritime transit through the Strait of Hormuz, while increased crude purchases by China continued to tighten the market.
Brent crude, the European benchmark, was up 1.65% at $98.60 per barrel, while West Texas Intermediate (WTI), the US benchmark, advanced 2.80% to $94.04 per barrel.
Tehran has stated that an agreement with Oman is imminent and will include a temporary safe corridor for passage through the Strait, raising questions about the likely response from the United States, which has already signalled its opposition to any such arrangement.
Against this backdrop, oil prices have been rising on fears of deeper disruptions to energy flows through the Strait, after a fresh exchange of attacks between the US and Iran brought an end to a period of relative calm.
Chinese refineries have also been stepping up crude purchases, pushing up prices for oil originating from Africa, Canada, and Latin America.
“Markets are increasingly pricing in the possibility of a protracted conflict in the Middle East,” wrote Goldman Sachs analysts, including Daan Struyven, in a note cited by Bloomberg. The bank has slightly revised upward its oil price forecasts, based on the expectation that shipping disruptions will persist through 2027. “The risks to our price forecast remain significantly skewed to the upside,” the analysts added, after a senior official at the US bank on Monday cited the possibility that crude could again surpass $120 per barrel.
Brent has gained more than 30% since the US and Israel struck Iran more than six months ago, although the benchmark remains well below the peak of approximately $126 per barrel reached at the end of April.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/08/commodities-3/brent-proximo-dos-100-dolares-por-barril-incerteza-em-ormuz-e-mais-compras-pela-china-alimentam-subida/
