Commerzbank Says as Oil Prices Continue Rising as Middle East Conflict Intensifies, US Dollar Stronger

06:57 AM EDT, 09/11/2026 (MT Newswires) -- Brent crude trades above $107 a barrel over growing concerns about the safety of shipping in the Red Sea following a series of attacks by Iran-backed Houthi rebels, according to Commerzbank Research in a note. The Houthis have seized a strategic port on the Red Sea, while Iran and Gulf states are expected to meet Monday in an effort to reach an agreement over the Strait of Hormuz, according to sources cited by the Financial Times. Meanwhile, Iran has resumed production of ballistic missiles, the Wall Street Journal reports. US Treasury Secretary Scott Bessent said the Treasury market remains in "very good shape," pointing to the term premium being at its lowest level in years, according to Commerzbank. On buybacks, Bessent said the Treasury repurchased less than initially planned, explaining that "we buy cheap." The US dollar is stronger, said the bank. In Europe, the EU has renewed efforts to secure approval for the use of frozen Russian assets, according to the FT. European Central Bank officials anticipate further tightening in the coming months, with an October move still under consideration, according to sources cited by Bloomberg and Reuters. The French government is expected to lower its growth forecast for this year, while the likelihood of a 5.3% budget deficit is rising, according to Les Echos. The United Arab Emirates plans to invest $46 billion in Germany as part of efforts to strengthen bilateral ties, said Commerzbank.