Brent crude nears $98 as FTSE 100 slips on Iran tensions and Fed hike bets

Sep 6, 2026 09:53 (48d ago)

Brent traded above $96 after a 9.3% weekly gain, with separate updates reporting a high of $97.58 as US-Iran tensions threatened Strait of Hormuz supply.
The United States said it struck three Iranian oil tankers, destroying one, after alleged Iranian missile attacks on US Navy vessels; Iran disputed or separately reported other vessel attacks.
The FTSE 100 fell 0.1% to 10,824.74 points while BP and Shell each rose about 1%; FedWatch put the chance of a September hike at about 58%, up from 44% a month earlier.

Brent crude traded above $96 a barrel and reached reported intraday levels of up to $97.58 after a 9.3% weekly gain, as escalating US-Iran hostilities and threats to Gulf energy infrastructure raised concerns about prolonged Strait of Hormuz disruption. London’s FTSE 100 fell 0.1% to 10,824.74 points by 0927 GMT, with BP and Shell each gaining about 1% and limiting declines as stronger US jobs data lifted expectations of a Federal Reserve rate increase. Iranian Parliament Speaker Mohammad Bagher Ghalibaf warned that Tehran could retaliate against regional energy infrastructure and US oil and gas interests if Iranian energy assets were attacked, saying, "Either all or none."