Why did Brent crude hold above $100 a barrel, and what immediate event triggered this price movement?

Brent crude held above $100 a barrel due to heightened fears of deeper oil supply disruption following tit-for-tat naval attacks between Iran and the United States near the Strait of Hormuz — the largest such attacks since their six-month-old conflict began. Specifically, Iran announced it had attacked 10 ships after the U.S. sank five Iranian oil tankers, prompting Iran’s Revolutionary Guard Corps to threaten further escalation. As ANZ analyst Daniel Hynes noted, these reciprocal strikes indicate that oil flows from the Persian Gulf are 'likely to remain disrupted for the foreseeable future', directly underpinning the price surge — with Brent futures rising to $101.34 a barrel and WTI to $96.55 a barrel.

What is the significance of the Strait of Hormuz in global oil supply, and how has the conflict affected its throughput?

The Strait of Hormuz is critically significant because it previously carried 'roughly a fifth of global oil and gas supplies' before the war — making it the world’s most important oil transit chokepoint. Due to the ongoing conflict and escalating attacks on shipping, oil flow through the strait 'remains well below its pre-war level', severely constraining export capacity from major Gulf producers like Saudi Arabia, Iraq, and the UAE. This sustained reduction in throughput has intensified market anxiety, contributing to both the breach of the $100/Brent threshold and the U.S. Energy Information Administration’s decision to raise its oil price forecasts for this year and next.

Brent holds above $100 as tanker attacks deepen supply fear

Sep 9, 2026

Oil prices breached $100 per barrel following intensified Iran-US tanker attacks in the Persian Gulf, leading the EIA to revise upward its price forecasts amidst supply disruption concerns.

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Brent holds above $100 as tanker attacks deepen supply fear