Oil extends gains after US-Iran ship strikes; Iran to declare new restricted zone near Strait of Hormuz

Published Sep 7, 02:43 AM UTC

Oil prices extended gains following a series of strikes between the United States and Iran on ships, raising concerns about further escalation in the region. The article reports that Iran has announced it will declare a new restricted zone outside the Strait of Hormuz in the coming days, a critical chokepoint for global oil shipments. Crude prices surged in the week ending September 6, 2026, after hostilities flared between the two countries following a period of relative calm. The development threatens to disrupt oil supplies through the strategic waterway, through which a significant portion of the world's petroleum passes. The Business Times Singapore reported the story on September 7, 2026, highlighting the immediate market reaction and the potential for further instability in global energy markets. The restricted zone declaration is expected to heighten tensions and could lead to further price increases if shipping through the Strait of Hormuz is affected.