Oil Prices Surge Amid Escalating US-Iran Conflict
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Oil Prices Surge Amid Escalating US-Iran Conflict
- Brent crude, the international oil benchmark, surpassed $100 a barrel on Wednesday, September 9, 2026, reaching its highest price since July.
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This surge followed a significant escalation in hostilities between the United States and Iran, including a series of tit-for-tat attacks on oil tankers and a US military base in Jordan on September 8 and 9, 2026.
Brent crude oil prices surged past $100 a barrel on Wednesday, September 9, 2026, marking the first time the international benchmark reached this level since July. The price increase, with Brent crude futures settling at $101.21 per barrel, reflects escalating tensions and direct military engagements between the United States and Iran.
The recent spike in hostilities includes a series of retaliatory strikes. On Tuesday, September 8, 2026, the US military’s Central Command (CENTCOM) announced it had destroyed five Iranian crude oil tankers in the Gulf of Oman and near Kharg Island. CENTCOM stated these strikes were in response to unsuccessful Iranian missile attacks against a US Navy warship earlier in the week. US officials confirmed that American forces had directed the crews to abandon ship before the vessels were struck, and no US personnel were harmed in the attempted Iranian attacks.
In retaliation, Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed on Wednesday, September 9, 2026, to have attacked ten ships near the Strait of Hormuz, including two US vessels and eight oil tankers, and fired ballistic missiles at a US base in Jordan. Jordanian authorities reported intercepting 18 of 20 ballistic missiles fired towards the Muwaffaq Salti Airbase in Azraq, Jordan, with the remaining two falling in unpopulated areas and causing no casualties or significant damage to US equipment. The US denied Iran’s claims of hitting its warships, with CENTCOM stating all attempted attacks failed.
This exchange of attacks represents the largest wave of strikes on shipping by both sides since the conflict began six months prior. The ongoing conflict, particularly concerning the Strait of Hormuz, a critical route for global energy supplies, continues to impact oil prices. The US Energy Information Administration (EIA) recently raised its forecast for Brent crude oil to average around $90 per barrel in the second half of 2026, attributing it to the escalating Middle East conflict and disruptions to maritime traffic.