Oil Prices Spike Above $100 as US-Iran Tensions Escalate

Oil prices have surged past $100 per barrel due to escalating tensions between the US and Iran in the Middle East. The price of Brent crude reached $100.83 on September 9, 2026, driven by fears of supply disruptions in the Strait of Hormuz.

The Strait of Hormuz is a critical energy chokepoint that handles approximately 20% of global seaborne oil trade. Recent strikes on Iranian tankers have reignited concerns about a sustained disruption to this waterway.

Goldman Sachs warned that heightened attacks on shipping in the Persian Gulf and Red Sea could push oil prices above $120 per barrel if disruptions intensify, according to Reuters and CBS News.