Business
UNDERREPORTED
Middle East conflicts lift Brent crude past $100 per barrel
Escalating tensions in the Middle East have pushed Brent crude above $100 a barrel, as Iranian hostilities disrupt the Strait of Hormuz and Houthi forces seize Mayun Island near the Bab al-Mandeb.
Why it matters
Higher oil prices affect global fuel costs, inflation and economic stability worldwide.
How this story developed
- Aug 23 Iran readies major fuel price hike amid US sanctions and war pressures
- 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 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.
- Sep 9 Brent futures rose above $100 a barrel on Wednesday, driven by escalating attacks in the Middle East that have tightened oil supplies.
- Sep 9 Iran said its forces also engaged two US vessels and eight oil tankers in the Strait of Hormuz.
- Sep 10 Brent crude rose above $105 per barrel.
- Sep 11 Diesel fuel in the United States has risen past $6 per gallon, a sharp increase linked to recent military actions involving the U.S., Israel and Iran.
- Sep 11 Diesel prices crossed $6 per gallon for the first time.
- Sep 12 Iran announced attacks on ten vessels near the Strait of Hormuz.
- Sep 13 A ship was hit by a projectile while transiting the Strait of Hormuz, prompting crew evacuation after a fire broke out, according to UKMTO.
- Sep 14 Saudi Arabia temporarily closed its east‑west pipeline after a drone strike traced to Iraq, while an Iranian commercial vessel reported casualties nearby.
- Sep 14 Brent futures rose to $109.97, a three‑month peak, widening the price gap with regional benchmarks.
In this story
oil pricesBrent crudeMiddle East tensionsStrait of HormuzBab al-MandebHouthissupply disruptionglobal markets
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