Oil Price Today Nears $100 as US-Iran Tanker Attacks Threaten Hormuz Supply

Date: September 7, 2026

Key Takeaways

• Brent crude traded near $97 a barrel after reaching $98.06, while WTI climbed more than 1% to approximately $92.58.
• The United States disabled or destroyed three Iranian crude tankers after Iranian forces launched missiles toward US Navy vessels.
• Iran subsequently targeted three additional tankers accused of using an unauthorized route through the Strait of Hormuz.
• Shipping disruptions and an attack on Saudi Arabia’s Jazan refinery have increased the risk premium embedded in oil prices.
• OPEC+ kept its October production targets unchanged, leaving the market with limited immediate supply relief if the conflict intensifies.

Current Oil Price Trends

The oil price today moved closer to $100 a barrel as escalating attacks on tankers and energy infrastructure intensified concerns about another major disruption to supplies moving through the Strait of Hormuz. Brent crude traded around $97.30 after reaching an intraday high of $98.06, while West Texas Intermediate rose about 1.2% to $92.58 a barrel during Asian trading, extending a weekly advance of almost 10%.

US Forces Target Iranian Oil Tankers

The latest escalation began after Iran’s Islamic Revolutionary Guard Corps launched ballistic missiles toward two US Navy warships. US Central Command reported that the American vessels avoided the attacks, leading US forces to target three Iranian tankers linked to the IRGC. Two vessels were permanently disabled, and a third was destroyed in the Gulf of Oman.

Iran's Retaliation

In response, Iran targeted three tankers it accused of using unauthorized routes through the Strait of Hormuz. This retaliation raises the probability of a prolonged confrontation involving limited military operations. Iran has proposed creating a restricted shipping zone near the strait, which the US has rejected, leading to increased uncertainty for tanker operators.

Strait of Hormuz Traffic Disruption

The Strait of Hormuz is a critical energy corridor, with approximately 20 million barrels of oil moving through it daily. Recent disruptions have reduced average flows significantly, and the latest attacks threaten to reverse any recovery. Vessel traffic has reportedly declined to about 10 ships per day, the lowest since May.

Concerns Over Saudi Refinery Attacks

Oil prices have also been supported by reports of an attack on Saudi Aramco’s Jazan refinery, which can process around 400,000 barrels per day. The extent of the damage remains unconfirmed, but repeated attacks on such facilities raise concerns about the security of regional energy infrastructure.

OPEC+ Production Decisions

OPEC+ has decided to maintain its production targets for October, indicating a reluctance to adjust output amid the ongoing conflict. This decision removes a potential source of immediate supply growth, suggesting that producers are cautious about the scale and duration of the disruptions in the Strait of Hormuz.

Global Oil Market Dynamics

The global oil market entered the conflict with excess supply and high inventories, which have helped mitigate price increases. However, the International Energy Agency (IEA) has noted a significant decline in oil inventories since the conflict began, and emergency stock releases are temporary solutions.

Future Price Outlook

The immediate outlook for oil prices hinges on whether tanker attacks escalate or remain limited. A sustained move above $100 per barrel could occur if Iran enforces its proposed shipping zone or if more commercial tankers are attacked. Conversely, a de-escalation could lead prices back toward $90.

Conclusion

As tensions continue to rise in the region, the oil market remains on edge, with each new incident increasing uncertainty about the security of one of the world's most vital oil shipping corridors.