On September 10, 2025, oil prices experienced a rise after Israel launched attacks on Hamas leadership in Qatar and Poland shot down drones amid escalating tensions in Ukraine. Brent crude futures increased by 56 cents, or 0.8%, reaching $66.95 per barrel, while U.S. West Texas Intermediate crude also rose by 56 cents, or 0.9%, to $63.19 per barrel. Despite these gains, concerns over crude oversupply capped further increases, with analysts noting that geopolitical risk premiums in oil typically diminish unless supply disruptions occur.
The market was further influenced by U.S. President Donald Trump’s calls for the European Union to impose tariffs on China and India, major buyers of Russian oil, which could impact Russia’s economy amidst ongoing sanctions. While traders anticipate a Federal Reserve interest rate cut at its upcoming meeting, which could boost economic activity and oil demand, the supply outlook remains bearish. The U.S. Energy Information Administration has warned of significant downward pressure on global crude prices due to rising inventories as OPEC+ increases output.