Crude oil prices rose above $100 per barrel on Wednesday, September 9, 2026, marking the first time the global benchmark has reached that level since late July. The increase followed an exchange of military strikes between the United States and Iran.
Shipping through the Strait of Hormuz has remained significantly below normal levels since a conflict involving the U.S., Israel, and Iran began in late February. According to ship-tracking platform MarineTraffic, only eight to 15 vessels transited the waterway daily between August 4 and August 6, compared to approximately 130 daily transits before the war. The International Maritime Organization has recorded at least 64 violent incidents and 17 deaths involving commercial vessels in the region since the conflict started.
On Wednesday, Brent crude rose nearly 3% to $100.72 per barrel, while U.S. West Texas Intermediate (WTI) crude increased 2.4% to $95.25. The national average for a gallon of regular gasoline in the U.S. reached $4.22 on Wednesday morning, according to AAA, an increase of 7 cents overnight. The price spike followed a U.S. military strike on five Iranian oil tankers on Tuesday, which prompted an Iranian retaliatory attack on 10 vessels and a U.S. base in Jordan on Wednesday.
The rise in oil prices affects U.S. consumers, where the national average for regular gasoline is more than $1 higher than one year ago. Diesel prices have also continued to rise after reaching a record high over the weekend.
The disruption involves a shipping route through which approximately 20% of global energy supplies once passed. PVM oil broker Tamas Varga stated that unless the strait re-opens and oil starts flowing uninterruptedly, global supply may not align with demand for the foreseeable future.
The timing of these price increases coincides with the final weeks before the U.S. midterm elections in November. Gas prices above the $4 mark have intensified focus on inflation and energy costs. Market analysts suggest that even if a diplomatic breakthrough occurs, prices may remain elevated due to the perceived risk of future reversals. No specific date for the reopening of the strait has been set. Iranian Foreign Minister Abbas Araghchi stated on Sunday, August 9, that reopening is contingent on the U.S. easing sanctions and paying war reparations.