You are using an outdated browser For a better experience using this site, please upgrade to a modern web browser. Subscribe Get Daily Email Subscribe --> Contact Us Sign in Home News & Features Compliance Costs Bunker Prices Bunker Intelligence World News Latest Features World Americas EMEA Asia/Pacific Home News & Features World Oil Breaches $106 As Iran Rebuilds Ballistic Missile Stocks Oil Breaches $106 As Iran Rebuilds Ballistic Missile Stocks by Ship & Bunker News Team Thursday September 10, 2026 Tweet Follow @shipandbunker Meanwhile, Trump says gasoline prices won't fall until after November: File Image/Pixabay. “ Oil markets are unlikely to rebalance until the middle of 2027 HSBC As of mid-session Thursday, oil traders’ full appreciation of the prospect of Washington and Tehran never reconciling their differences caused  crude prices to surpass $106  per barrel for the first time since May. The main motivation for the upward trajectory was U.S. president Donald Trump , who said he didn’t expect oil prices to fall until “right after" the November midterm elections; by which point he claimed   victory in the war with  Iran would cause gas prices at the pump to plunge by half. Meanwhile, traders anticipated a report due Friday showing how much inflation U.S. consumers are coping with; a report released Thursday pegged inflation at the U.S. wholesale level rising to 5.4 percent in August compared to 4.8 percent the month prior; this suggests that retailers may be compelled to pass on the increases to shoppers, causing a drop in demand, and that the U.S. Federal Reserve will raise the federal fund rate at its meeting next week. The prospect was worrisome to analysts, considering that on Thursday the European Central Bank raised  its own interest rates, citing “the conflict in the Middle East” and how it “continues to generate inflation pressures.” Also on Thursday, HSBC raised its Brent 2026 forecast to $90 from $80 per barrel