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Oil Price Hits $100 a Barrel for the First Time in More Than 3 Months

September 15, 2026

This week

Later this week, investors’ attention will shift towards the US Federal Reserve (Fed) Interest Rate Decision. The Fed is expected to announce its decision on Wednesday at 19:00 GMT+1, while Fed Chair Kevin Warsh is scheduled to hold a press conference at 19:30 GMT+1. Currently, the Fed interest rate stands at 3.75%. Also, this week, on Tuesday, China’s Industrial Production data for August will be closely watched, which could influence price volatility in the metals markets. Crude oil market participants will keep watching developments in the Middle East, particularly the conflict between Yemen’s Houthis and Saudi Arabia and the US–Iran war.

Stocks

APPLE

Apple’s stock price rose 3.84% last week following the successful release of a brand-new iPhone model, the foldable iPhone. For the first time in its history, Apple released a foldable iPhone called the iPhone Duo. The company also released the iPhone 18 Pro and iPhone 18 Pro Max, alongside the Apple Watch Series 12, Apple Watch Ultra 4, and AirPods 5. As new CEO John Ternus took office on September 1, markets have already started to recognize the new energy and talent he brings to the company.

Meta (Facebook)

Meta (Facebook) share price rose 5.07% last week as investors focused on the company’s latest AI product, Muse. The AI agent is designed to perform tasks on users’ behalf, including sending emails, booking travel, completing forms, and making purchases. Muse is integrated directly into Meta’s ecosystem, allowing users to access it through platforms such as WhatsApp, Instagram, and Facebook. The service launched with a free option, while premium plans are available for $20 and $100 per month.

Commodities

Crude Oil

Crude oil price surged by more than 9% last week, following a 9.69% increase the previous week. Crude oil prices rose to more than three-month highs, reaching above $104 per barrel at one point. Investors remained focused on two major Middle East oil supply risks: the US–Iran conflict and the conflict involving Yemen’s Houthis and Saudi Arabia. Last week, US forces said they had destroyed five Iranian oil tankers, while Iran said it had targeted and hit at least eight oil tankers in the Strait of Hormuz and two US Navy ships. The situation escalated further as Yemen’s Houthis reportedly hit oil infrastructure in Saudi Arabia, potentially causing an additional oil supply cut of around 4% of total global oil supply.

Gold

Gold price lost 1.84% last week as a duo of wholesale and consumer inflation data in the US was released on Thursday and Friday, respectively. US Producers’ Price Index (PPI) for August came in stronger than expected at 5.4% (expected: 5.3%), up from the previous 4.8%, while US Consumer Inflation (CPI) came in as expected at 3.4%, still far above the US Fed’s target of 2%. Later this week, on Wednesday, the US Federal Reserve will announce its latest interest rate decision at 19:00 GMT+1, while Fed Chair Kevin Warsh will speak at 19:30 GMT+1. Currently, the Fed interest rate stands at 3.75%.

Copper

Copper prices saw a serious pullback last week, testing fresh three-week lows. Prices fell by around 5.2% from a fresh all-time high reached earlier in the week ($6.8857), hitting three-week lows after the US administration suggested it would delay tariffs on copper. This eased near-term concerns over potential supply disruptions, allowing copper prices to fall below $6.50. Later this week, investors will be watching China’s Industrial Production data for August, due on Tuesday at 03:00 GMT+1.

GBP/USD

GBP/USD price traded around 1.35 last week as investors focused on US inflation data. US PPI for August came in above expectations at 5.4%, while CPI came in as expected at 3.4%, still well above the US Fed’s 2% target. This week, markets will focus on the Fed’s interest rate decision on Wednesday at 19:00 GMT+1 and the Bank of England’s decision on Thursday at 12:00 GMT+1. Both central bank rates currently stand at 3.75%.

Recap

Last week, the S&P 500 lost 0.8%, the Nasdaq 100 declined 0.59%, and the Dow Jones fell 1.57% as US headline inflation (CPI) for August came in at 3.4%, far above the US Fed’s target of 2%. The data contributed to expectations of a possible Fed rate hike on September 16. Gold and other metals fell as well, as expectations of a potential rate hike strengthened the US dollar. Meanwhile, crude oil prices rose to $100 and above as the conflict between Yemen’s Houthis and Saudi Arabia continued to escalate.