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U.S. crude oil prices top $100 amid Middle East tensions and China's rising imports.

Market News
12 Sep 2026
CNBC
View Source
Bullish
U.S. crude oil prices top $100 amid Middle East tensions and China's rising imports.

U.S. crude oil prices surged above $100 per barrel for the first time since May due to escalating conflicts in the Persian Gulf and the shutdown of Saudi Arabia's key oil pipeline. The market's risk premium has increased following the collapse of a U.S.-Iran memorandum and renewed naval blockades. China's role is crucial as it begins to increase crude imports after a significant reduction, tightening the market further. Although China's imports won't return to prewar levels, rising demand and depleted global inventories suggest oil prices could continue to rise.

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