Brent crude rose to $102.05 a barrel at 7am Eastern Time on Wednesday, September 9, 2026, as escalating conflict in the Middle East intensified concerns over global oil supplies. The benchmark was up $2.20 on the previous morning and 52.58% higher than a year earlier.
The rise pushed Brent above the $100 mark for the first time in almost six weeks. Reuters reported that the latest gains followed attacks by Iran-backed Houthi forces on Saudi energy facilities, raising fears that shipments through the Red Sea could be disrupted. ([apnews.com](https://apnews.com/article/7538e6386a819bcdc2547d530ec3472e?utm_source=openai))
Oil prices have climbed sharply since early August as hopes of a lasting settlement to the six-month conflict between the United States and Iran have faded. Reuters reported that crude flows through the Strait of Hormuz, a crucial energy shipping route, had recently fallen below 2 million barrels a day, compared with between 8 million and 9 million barrels a day during a brief easing of hostilities. ([investing.com](https://www.investing.com/news/commodities-news/brent-crude-rises-above-100-a-barrel-as-middle-east-conflict-escalates-4892829?utm_source=openai))
Brent stood at $99.85 a barrel on Tuesday and $85.46 a month ago, according to the latest figures. Its price was $66.88 at the same point in 2025.
Why the price of oil is rising
Oil prices are driven principally by supply and demand, but traders also react rapidly to threats that could affect future production or transport. Wars, sanctions, Opec+ decisions, economic slowdowns and fears of a wider supply interruption can all cause sharp movements.
The US Energy Information Administration said in its latest outlook that global oil prices had become more volatile after attacks on tankers transiting the Strait of Hormuz and a threat to Saudi exports through the Bab el-Mandeb Strait, another important shipping route. ([eia.gov](https://www.eia.gov/outlooks/steo/report/global_oil.php?intent_group=News&utm_source=openai))
Brent is widely used as the global reference price because it reflects a large share of internationally traded crude. West Texas Intermediate, or WTI, is the principal benchmark for North American oil.
The two benchmarks can move differently because of variations in the quality, location and availability of the crude they represent. Brent is generally regarded as the more useful measure of worldwide oil-market conditions.
What higher oil prices mean for motorists and households
Crude oil is the largest single component of petrol and diesel prices, but motorists also pay for refining, transport, wholesale distribution, taxes and the retailer’s margin.
A sustained rise in crude prices can therefore feed through into higher fuel costs, while also increasing the expense of transporting goods. That can add to pressure on household bills and inflation, including through food deliveries, heating and industrial production.
Fuel prices do not always fall as quickly as they rise. The tendency for petrol prices to increase rapidly but decline more slowly is sometimes described as the “rockets and feathers” effect.
Can the Strategic Petroleum Reserve limit the impact?
The United States holds emergency crude stocks in its Strategic Petroleum Reserve, which can be used during major supply disruptions caused by war, sanctions, natural disasters or damage to energy infrastructure.
The reserve can provide temporary relief when supplies are suddenly interrupted, but it is not a permanent solution to a prolonged shortage. Its purpose is to help keep essential industries, emergency services and transport operating while markets adjust.
US shale production and output from other non-Opec producers can also help limit price spikes by adding supply. However, increases in production typically take time and cannot immediately replace disrupted flows from major exporting regions.
Oil’s long-term record shows how volatile the market can be. Prices surged during the supply shocks of the 1970s, fell amid weaker demand and increased non-Opec production in the 1980s, climbed sharply before the 2008 financial crisis and collapsed below $20 a barrel during the initial Covid-19 lockdowns.
The latest move above $100 reflects the market’s renewed focus on the risk that the Middle East conflict could further restrict oil shipments. For consumers, the effect will depend on how long the disruption lasts and whether producers and alternative supply routes can make up the shortfall.
