Brent crude tops $100 a barrel as Middle East fighting disrupts supply
Brent futures rose above $100 a barrel on Wednesday, driven by escalating attacks in the Middle East that have tightened oil supplies.
On Wednesday, Brent crude futures breached the $100 per barrel mark, settling at $100.66, as the market reacted to intensified hostilities in the Middle East. U.S. West Texas Intermediate also rose to $95.77, its strongest price since early June. The surge follows a series of attacks on oil tankers and facilities, notably a deadly incident involving the Gibraltar-flagged Hercules Star and renewed Houthi strikes on Saudi energy sites.
These actions have curtailed oil flows through the Strait of Hormuz and the Gulf of Oman, prompting concerns that ship-to-ship transfers may decline. Physical Brent prices have stayed above $100 since early September, while diesel and gasoline markets have similarly surged, reflecting tightening refining capacity worldwide. Commodity strategists warn that the combination of conflict-driven supply risks and high refining margins could keep oil prices elevated for the foreseeable future.
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Why it matters
Higher oil prices affect global fuel costs, inflation and economic stability worldwide.
How this story developed
- Jul 20 U.S. and Iran intensify air strikes over Strait of Hormuz, diplomacy stalls
- Sep 5 No injuries or deaths have been reported.
- Sep 5 Eyewitnesses said the explosions shattered the wedding celebration in Kuhestak.
- Sep 5 U.S. Central Command announced the destruction of three Iran-linked oil tankers—M/T Downy off Kharg Island, M/T Stark 1 near Jask and M/T Kylo in the Gulf of Oman.
- Sep 6 He said Tehran’s response to US strikes would no longer be “proportionate”, adding that “the Americans have surely realised that the era of ‘proportionate responses’ has come to an end”.
- Sep 7 GasBuddy released a forecast predicting a $4.03 average gasoline price for the Labor Day weekend.
- Sep 7 Baltha creditors convened a meeting to discuss the company’s debt situation.
- Sep 7 Iran claimed to have hit an unmanned U.S. vessel in the Strait of Hormuz, which the U.S. dismissed as false.
- Sep 7 Brent crude climbed to about $97 a barrel as US‑Iran clashes intensified, and analysts said gasoline prices may ease in October with the shift to winter‑grade fuel.
- Sep 8 Iran announced it will double the price of fuel consumed beyond its quota.
- Sep 8 Iran’s Fars news agency reported an explosion heard in the southern Jask area off the Gulf of Oman and east of the Strait of Hormuz.
- Sep 8 The US military said it destroyed five Iranian oil tankers in retaliation for two missile strikes on a US warship over two days.
- Sep 9 Iran launched a missile strike on a Jordanian military base.
- Sep 9 US military says it destroyed five Iranian crude oil carriers following IRGC ballistic missile attacks on a US Navy warship.
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