Middle East attacks on shipping and renewed fears of a prolonged U.S.-Iran war pushed oil above $100 a barrel and sent stock markets lower on September 9–10, 2026.
Brent crude settled at $101.21 a barrel on Wednesday before climbing to $107.63 on Thursday, while U.S. West Texas Intermediate reached $102.48. The surge followed the U.S. destruction of five Iranian oil tankers and Iran’s claim that it had attacked 10 ships near the Strait of Hormuz. Attacks by Iran-aligned Houthi forces on Saudi energy facilities and the seizure of Yemen’s port of Mocha added to concern that disruptions could spread beyond one shipping corridor.
About one-fifth of global oil and gas supplies normally pass through the Strait of Hormuz, but traffic has fallen sharply during the conflict. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all declined, while European stocks dropped to one-week lows. Higher energy costs revived inflation fears and pushed the 10-year Treasury yield above 4.95%, raising concerns that interest rates could remain elevated.
Analysts warned that further attacks or a prolonged war could drive crude prices still higher and increase costs for fuel, transportation and consumer goods.