Why are oil prices rising above $100 a barrel for the first time in nearly four months?

Oil prices are rising above $100 a barrel for the first time since mid-May due to escalating attacks along key Middle Eastern shipping routes—particularly intensified tanker attacks near the Strait of Hormuz and the Houthis' seizure of Yemen's Mocha port—which are fueling fears of prolonged supply disruptions. Brent crude rose to $108.68 and WTI to $103.45, with both benchmarks gaining nearly 13% weekly—the steepest rise since July 17—amid broader regional instability, including Houthi strikes on Saudi energy facilities and Iran's claim of attacking 10 ships near the strait after U.S. strikes on five Iranian tankers.

What role are geopolitical tensions between the U.S. and Iran playing in the current oil price surge?

Geopolitical tensions between the U.S. and Iran are directly driving the oil price surge: Iran-aligned Houthis seized Mocha port, threatening Red Sea traffic; Iran escalated attacks beyond the Strait of Hormuz to Saudi energy infrastructure; Iran claimed it attacked 10 ships near the strait after the U.S. struck five Iranian oil tankers; and the IRGC vowed to escalate responses to further U.S. actions—while former U.S. President Donald Trump threatened strikes on Iran’s 'Pickaxe Mountain' near Natanz, linking the conflict to the November midterm elections.

Oil prices set to end week over $100 for first time in nearly 4 months

Sep 10, 2026

Oil prices are projected to close above $100 per barrel amid escalating Middle East conflicts threatening supply routes. Analysts cite geopolitical risks and OPEC's lowered demand forecast as key drivers for the rally.

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Oil prices set to end week over $100 for first time in nearly 4 months

Oil prices set to end week over $100 for first time in nearly 4 months

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