Updated

Crude oil extended a sharp rally on Thursday, September 10, 2026, holding above $100 a barrel, with front-month futures up nearly 6% at points during the U.S. session. Analysts cited escalating tensions between the United States and Iran as the principal catalyst, layered on top of an EIA weekly report on U.S. crude stocks for the week ending September 4. By late morning in New York the energy move had dragged the S&P 500 down about 0.38% to roughly 7,607, the Nasdaq down 0.42% and the Dow down 0.49%, while gold slipped more than 1% to around $4,412 an ounce. The oil spike mattered because it arrived alongside an unexpectedly hot producer price report, compounding fears that headline inflation would prove stickier than central banks had assumed. Energy costs feed quickly into transport, manufacturing and household budgets, and a sustained triple-digit oil price complicates the Federal Reserve's calculus on interest rates. Commentators noted the geopolitical premium, rather than demand strength, was doing most of the work in the price.