Brent crude rose 2.7% to about $100.60 a barrel on Wednesday, September 9, 2026, passing $100 for the first time since July as escalating fighting involving the US and Iran increased fears of further disruption to global oil supplies.
Fighting adds to pressure on energy supplies
The latest escalation followed a tit-for-tat exchange in the Gulf. The US military said it had destroyed multiple Iranian tankers after Tehran attempted to strike a US Navy warship with ballistic missiles.
The exchange came after Iran-backed Houthis attacked four cities in Saudi Arabia the previous night. More than 70 people were wounded and oil installations were set ablaze, according to the factual account provided. For additional context, see “Brent crude approaches $97 as Strait of Hormuz traffic falls”.
Key points
- UK petrol averaged 166.2p a litre on Tuesday, its highest level in four years, while diesel averaged 187.7p.
- The Dutch gas benchmark rose almost 4% to €78.73 per megawatt hour, its highest level since January 2023.
- The British gas contract rose 7.77p to 196.57p a therm, its highest level since December 2022.
- Brent crude is up more than 60% this year and has risen above $100 during three periods in 2026.
Higher energy costs revive inflation concerns
Bank of England governor Andrew Bailey told MPs on Tuesday that the rise in oil prices was putting pressure on inflation and interest rates. He said the risks were to the upside because of energy prices.
The energy companies BP, Shell and Centrica were among the strongest performers in the FTSE 100 on Wednesday morning, with each gaining at least 1%. The wider index was down 0.5%. A related part of this story is covered in “Brent crude climbs as Strait of Hormuz deal remains uncertain”.
Oil has climbed as hopes of a settlement fade
Brent has risen by a quarter since early August as hopes for a permanent resolution to the six-month-old war faded and fighting resumed. The price peaked at $126 in April after initially surging past $100 when flows through the Strait of Hormuz were halted, before falling on hopes of a ceasefire.
China, the world’s largest crude importer, has increased purchases in recent days. Its crude imports recovered to nearly 9 million barrels a day in August from a June low of 7.15 million, although they remained below the 12.6 million recorded in February before the conflict. The development of this issue can be followed in “Bab al-Mandab Strait Tensions Drive Brent Crude Above $100 Amid Middle East Crisis”.
What happens next
Markets will continue to watch the conflict, energy flows through the Strait of Hormuz and Chinese crude imports, which UBS Global Wealth Management commodity analyst Giovanni Staunovo identified as a key indicator for the direction of crude prices.
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