Brent crude oil futures rose past $100 a barrel on September 9, 2026, marking the first time it breached this symbolic barrier since July 24. This significant increase was triggered by escalating conflict in the Middle East, specifically after US forces destroyed five Iranian tankers. By 0721 GMT, Brent crude futures had risen by $2.15, or 2.2%, to $100.07 a barrel. US West Texas Intermediate crude also saw a rise, up $1.70, or 1.83%, reaching $94.73 a barrel.
The destruction of Iranian tankers near the Kharg Island export hub and in the Gulf of Oman directly fueled this price surge. These attacks intensified worries about potential disruptions to oil flows from the region, leading to a scramble in the markets. Goldman Sachs has even warned that oil prices could rally to $120 due to ship disruptions if the conflict continues to escalate.
Oil prices have been on an upward trend, rising by a quarter since early last month. This consistent increase is largely due to fading hopes for a permanent resolution to the six-month-old conflict in the Middle East. The latest events, including renewed attacks across the region and Houthi attacks on Saudi cities, have further heightened supply risk concerns, pushing prices to new highs.
