Oil Prices Rise Slightly After U.S. and Iran Trade Strikes

Oil prices rose slightly on Sunday after the United States and Iran traded attacks on ships in and around the Strait of Hormuz in recent days, leaving a vital oil export route stuck in what analysts described as a lethal stalemate.

The price of Brent crude, the global benchmark for oil, was up about 1 percent to nearly $97 a barrel. West Texas Intermediate crude, the U.S. benchmark, was also about 1 percent higher, at a little over $92 a barrel.

OPEC Plus, the cartel of influential oil-producing nations that helps control oil prices by coordinating supply decisions, opted on Sunday to keep production flat for October. It was the first time since April that the organization decided against increasing production. The increases, though, have been largely symbolic because the Iran war has disrupted exports and the worldwide oil trade.

The national average price for a gallon of gas was nearly $4.15 through Sunday, according to the AAA motor club. The Labor Day weekend is traditionally a road-trip heavy period.

Article source: https://www.nytimes.com/2026/09/06/business/oil-gas-prices-iran-war.html