Crude oil price reached $97 per barrel on September 8, 2024
GK and monthly revision
Oil Price Today (September 8): Crude oil at $97 as simmering tensions raise supply worries. Experts weigh in
Crude oil prices surged to $97 per barrel on September 8 due to escalating Middle East tensions, particularly Iran's retaliation threats raising fears of Strait of Hormuz blockage. JPMorgan projects higher Brent prices while Goldman Sachs warns of $120/barrel if shipping lanes are disrupted. This supply-side shock has significant implications for India's import bill, inflation, and current account deficit, making it crucial for economy and current affairs sections across competitive exams.
Source: Economic Times. This summary and analysis are AI-written from that report and are not individually fact-checked — confirm names, dates and figures with the source before you rely on them.
Revision structure
Monthly events and exam calendar context
Static GK and one-liner notes
Quiz and mock-test revision path
Key points
Exam-ready takeaways
Escalation driven by Iran's threats of retaliation in Middle East conflicts
Strait of Hormuz blockage feared — critical chokepoint for global oil supply
JPMorgan predicts increased Brent prices; Goldman Sachs forecasts $120/barrel if shipping disrupted
India imports ~85% of crude needs — price surge widens CAD and fuels imported inflation
How to study
Turn news into exam marks
Revise monthly events by exam family instead of reading random updates.
Pair one-liners with mock tests so mistakes become the next revision list.
Note which exams each story matters for, and revise it again in the week before that exam.