Oil Price Surges Past $100 a Barrel Amid Middle East Attacks
The price of oil has risen above $100 a barrel for the first time in almost six weeks, following attacks on oil facilities and ships in the Middle East. The latest wave of attacks has threatened to debilitate an already weakened supply chain.
A Saudi Aramco oil refinery north of Abha, Saudi Arabia was attacked on Tuesday, September 8, 2026, releasing a plume of black smoke into the air. This comes amid ongoing wartime attacks on vessels and infrastructure in and around the Strait of Hormuz.
The price surge has significant implications for global energy markets, with oil being a major contributor to inflation and economic growth. The attacks have already had an impact on supply chains, with some companies struggling to maintain production levels.