Hormuz Shipping Risks Boost Oil Prices Above $98 a Barrel

Oil prices surged on Monday, September 7, 2026, as risks to shipments through the Strait of Hormuz and a rebound in Chinese crude demand supported the market.

Brent crude briefly exceeded $98 a barrel before easing slightly. Iran indicated that an agreement with Oman to manage shipping through Hormuz is close, raising questions about potential U.S. responses after Washington struck Iranian vessels over the weekend.

Tehran also cautioned that ships near the Omani coastline face attack risks. Saudi Aramco's oil facilities in Jazan experienced a fresh attack on Monday, according to sources familiar with the matter.

This strike is part of a series that has already forced a major refinery in the area to halt operations. As a result, oil prices are approaching $100 a barrel for the third time this year, with Brent crude up about 60% so far in 2026.