The Middle East oil shock

Sep 10, 2026Moment 3 of 7

US oil closes above US$100 a barrel

WHAT HAPPENED

Oil jumped more than 6 per cent in a day, by Reuters' figures. West Texas Intermediate, the US benchmark, ended at US$102.48 a barrel and Brent, the main world benchmark, at US$107.63. Both are futures prices, agreed for oil to be delivered in a later month. Reuters said the attacks on shipping had fed traders' worries about supply. In Canada the yield on a 10-year government bond, the interest investors demand for lending to the federal government, reached 3.95 per cent. The Globe and Mail, which carried the yield, said markets were betting on a Bank of Canada rate increase by the end of 2026.

Why this matters

US oil crossed US$100 the day after the Guard's announcement, and Canadian bond yields rose the same day. The Globe and Mail tied the rise in yields partly to oil, and partly to government deficits and a larger supply of bonds.

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West Texas Intermediate, the US benchmark, closed above US$100 a barrel on September 10, 2026, for the first time since May, Reuters reported. Its futures closed at US$102.48 a barrel, and futures for Brent, the main world benchmark, at US$107.63. Both were below the levels of spring 2026, by the Globe and Mail's account.

Is US$100 oil new, or a return? → Forecast Not yet confirmed

Financial markets were betting on a Bank of Canada rate increase as of September 10, 2026, the Globe and Mail reported. The bet was one quarter-point increase by the end of 2026, perhaps as early as October, and four by the end of 2027. The Bank has announced no increase, and its next rate announcement is scheduled for October 28, 2026.

Markets bet on a Bank of Canada rate increase in September 2026. Who had decided anything? → See all 2 claims from this moment →