Oil Prices Soar to Nearly $97 as US-Iranian Conflicts Disrupt Strait of Hormuz

Oil prices surged to nearly $97 per barrel as renewed US-Iranian attacks on vessels around the Strait of Hormuz raised concerns over prolonged supply disruptions. The escalation follows a September 5 announcement by the US Central Command that American forces struck three Iranian crude-oil carriers after Iran launched ballistic missiles toward two US Navy warships.

The impact is concentrated around the waterway, which carried 20.9 million barrels per day of oil in the first half of 2025, equivalent to about 20% of global petroleum-liquids consumption, according to the US Energy Information Administration (EIA). EIA data show flows fell to 4.9 million barrels per day in the second quarter of 2026.

OPEC+ did not announce an emergency production increase after the latest escalation. At its September 6 meeting, seven participating producers agreed to maintain September 2026 required production levels for October. The group is continuing monthly reviews rather than introducing a new emergency supply measure.