Oil tops $98 after attacks on tankers in the Middle East

Oil prices rose above $98 a barrel on Monday, September 7, 2026, reaching their highest level since June, according to reporting by Folha de S.Paulo. The increase reflects a fresh escalation of tensions in the Middle East, marked by attacks by the United States and Iran on oil tankers and a refinery that is key to international supply.

Disruptions of this kind in the global energy market typically feed through quickly to transport costs and to fuel distribution chains worldwide. When crude becomes more expensive in this way, importing economies face additional inflationary pressure, raising the cost of electricity and basic consumer goods for households.

The situation is unfolding as major international players seek to secure alternative sources of supply. For example, as El Nacional has highlighted in its coverage of recent energy agreements, investments exceeding $100 billion are planned over the long term, aiming to reach production targets above 1.5 million barrels per day in key regions such as Venezuela.

For the average citizen, the immediate impact of these oil price spikes shows up as higher gasoline prices and more expensive transport fares, which erodes purchasing power against the basic basket of goods. Analysts say it will be necessary to watch the stability of traffic through strategic chokepoints such as the Strait of Hormuz, and the evolution of international inventories in the coming weeks.