On September 10, 2026, escalating attacks on commercial vessels around the Strait of Hormuz sent Brent crude above $105 a barrel and heightened fears that Middle Eastern supply disruptions could spread across global energy markets.
Brent futures reached $105.26 during trading and later settled at $107.63, while U.S. West Texas Intermediate crude also moved above $100. The price surge followed what Reuters described as the sharpest increase in shipping attacks since the war involving Iran began. Iran said it had attacked 10 ships near the strait after the United States struck five Iranian oil tankers, while Iran’s Revolutionary Guard warned of further retaliation.
The crisis also expanded beyond Hormuz after Iran-aligned Houthi forces seized Yemen’s port of Mocha, threatening traffic through the Red Sea and the Bab el-Mandeb route. Hormuz normally carries roughly one-fifth of global oil and gas supplies, making any sustained disruption especially consequential for importers and refiners. By October 8, prices had eased to around $101.53, but tanker attacks were still increasing, including an incident that injured 12 crew members, while shipments resumed only at higher insurance, freight and security costs.
Analysts say the outlook will depend on whether attacks continue, how much oil exporters can reroute and whether demand from China remains strong.