Brent Crude Rises Above $100 a Barrel First Time Since July

Brent crude oil prices rose above $100 a barrel on Wednesday, September 9, 2026, marking the first time since July.

US oil traded at about $95 a barrel. Brent crude climbed about 2.7%, trading at approximately $100.57 a barrel for November deliveries, while US West Texas Intermediate futures traded 3% higher to $95.84. The price increase followed attacks on oil facilities and ships in the Middle East. The US military destroyed five Islamic Revolutionary Guard Corps (IRGC) oil tankers on Tuesday in the Gulf of Oman and Strait of Hormuz.

CENTCOM stated Iran used these tankers as part of a multibillion-dollar shadow network funding the IRGC and its regional proxies. The IRGC warned that all oil tankers in Kuwaiti and Bahrani waters should be evacuated. The US-Iran conflict is in its seventh month. A large-scale US-Israeli attack on Iran in late February prompted Iran's near-closure of the Strait of Hormuz, which facilitates one-fifth of global crude supply.

This set off the largest oil supply disruption on record and led to the release of hundreds of millions of barrels of reserve crude from emergency storage in dozens of countries. The conflict has reduced oil exports, causing some countries to use their reserves. The US reported its lowest oil reserve since 1982, holding 289.7 million barrels.

Gasoline prices rose to $4.22 on Wednesday, the highest since early June. Diesel prices hit an all-time high Friday and reached $5.94 overnight. The current price is still below the peak of $126 a barrel reached in April.