The price of oil jumps to $105 a barrel amid signs the Iran war will not be resolved quickly.
By Nexvoro Tech Wire
PUBLISHED THU, SEP 10, 2026 5:36 PM UTC • 6 MIN READ
Primary Journalistic Dispatch & Direct Reporting
With the conflict between the US and Iran in the Gulf intensifying in recent days, the cost of both crude oil and gas has been rising sharply. Brent crude went back above $100 a barrel on Wednesday and has continued to climb.
The war has led to the effective closure of the Strait of Hormuz, preventing supplies of oil and gas from the Gulf from reaching global markets.
US and UK long-term borrowing costs also surged to their highest level in decades.
In-Depth Developments & Factual Context
Speaking at a Republican Party convention in Texas on Wednesday, President Trump said he did not think the fighting would end until after the US mid-term elections in November.
Concerns have also grown after Iran-aligned Houthi forces were reported to have seized Yemen's port of Mokha , a key Red Sea port.
The move could elevate fears of further shipping disruptions.
Industry Impact & Strategic Analysis
The price of natural gas has also been soaring on wholesale markets. In the UK, it rose above 200p a therm for the first time since the end of 2022.
Storage levels in Europe are much lower than normal for the time of year, and the need to fill reserves ahead of the winter has helped to push up prices.
UK consumers are protected from short term spikes on the wholesale gas markets by Ofgem's price cap. But if prices remain high for an extended period, households still face steeper bills.
Forward Outlook & Market Perspective
The cap is already due to increase by 3.6% at the start of October, with the next change after that coming in January.
The increase in energy costs has in turn raised fears of a spike in inflation, and this has also pushed up yields on government bonds around the world.
In the UK, yields on 10-year bonds were at their highest since 2007 today, while those on 20- and 30-year bonds were at levels not seen since 1998.
This implies a higher cost of borrowing for the government, at a time when public finances are under pressure.
But it could also have a direct impact on households as well, as it affects the rates paid by consumers for some financial products, such as fixed-rate mortgages.
Yemen's Houthis reportedly seize strategic Red Sea port of Mokha
Reporting synthesized and verified under Nexvoro.tech editorial guidelines. Full primary records referenced via BBC Business.
Reporting synthesized under Nexvoro.tech Editorial Standards • Referenced via BBC Business
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