Oil prices ease but set for near 10% weekly gain as Iran conflict rattles markets

Saturday, 12 September 2026 00:13 - - {{hitsCtrl.values.hits}}

Oil prices retreated on Friday but remained on track for a weekly gain of almost 10%, after soaring above $ 100 a barrel for the first time in months.

As of 6.27 a.m. ET, front-month Brent crude oil futures, the global benchmark, were down 3.58% to trade at $103.78 a barrel. West Texas Intermediate (WTI) futures, the US counterpart, were down 2.17% to $ 99.23 per barrel. On Thursday, Brent crude peaked at around $ 108 a barrel, while WTI hit more than $ 104.

Brent futures were on course for a weekly gain of 8.4%, set to end the week above the $100 mark for the first time since mid-May, while WTI’s week-to-date gain stood at 9.2%. Friday’s decline snapped five consecutive days of gains for Brent and an eight-day winning streak for WTI.

Markets are bracing for a protracted Iran war, reacting to escalating conflict in the Middle East and a Wall Street Journal report that said top White House advisors had discussed with President Donald Trump the possibility that the conflict could drag on beyond his current term. Trump has said the conflict will end after the US midterm elections, and that oil and gas prices will also fall after the vote in November.