AWC ENERGY DESK, SEPTEMBER 2026
WASHINGTON — Global markets were sent reeling as Brent crude breached $105 per barrel, reaching its highest level since May. The sharp price rally comes as energy traders brace for a prolonged global supply shock fueled by the escalating war with Iran.
Intensifying clashes in key maritime corridors—including the Strait of Hormuz and the Red Sea—have ignited fears of deep, lingering disruptions to international oil flows. The surge in energy costs has triggered widespread economic anxiety, driving up U.S. bond yields and stoking global fears of renewed inflation.
The market volatility follows an expansion of military cooperation in the region, with the U.S. reportedly ramping up intelligence and targeting assistance to support Saudi Arabia’s campaign against Iranian-backed forces. As energy supply chains strain under the pressure of expanding conflict, economists warn that sustained high oil prices could force central banks worldwide into further interest rate hikes.
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