Prices run higher as Iran war heats up
September 10, 2026
Prices ran higher as the conflict in the Middle East is heating up with more missiles, rockets, and ships being sunk. Traders are nervous that this situation will escalate and impact fuel supplies even more.
The API were released yesterday afternoon, a day late due to the Labor Day Holiday. They called crude oil supplies down 327,000 barrels, gasoline supplies down 1.87 million, and distillates up 1.98 million.
The average estimates for today’s DOE inventory report from the Bloomberg survey are crude oil stocks down 1.286 million barrels, gasoline down 1.053 million, and distillates down 418,000.
The EIA raised its oil price forecast for this year and next year, as global stockpiles fall rapidly under pressure from the loss of Middle Eastern supply in the ongoing Iran war.
Prices are again higher as escalating attacks across the Middle East increase concerns over disruptions to oil supplies.
The five-year average for this reporting week on propane inventories is a build to supplies of 1.695 million barrels. Last week’s report gave us a surprise draw on inventories so we will see what this week brings.