Oil price nears $100 after Saudi attacks
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The gist
Brent crude rose to $97.17 a barrel after U.S.-Iran attacks on vessels.
Tanker traffic through the Strait of Hormuz fell to lowest since May, threatening supply.
Background
Oil prices are climbing because the U.S. and Iran have been attacking commercial vessels in and around the Strait of Hormuz, a critical chokepoint for global oil shipments. These attacks have reduced tanker traffic and raised fears of supply disruptions, pushing Brent crude near $100 a barrel. The conflict has been ongoing for months, with recent strikes on Saudi Aramco facilities adding to concerns.
How it unfolded
- Jul 24, 2026Brent crude last traded at these levels before the recent surge.
- Sep 5, 2026Oil posted its steepest weekly loss since 2022 ahead of U.S.-Iran ceasefire talks, but prices remained near $100.
- Sep 7, 2026Brent crude rose to $97.17 a barrel, touching a high of $97.93, after U.S. strikes on Iranian tankers and an attack on Saudi Aramco's Jazan refinery.
- Sep 8, 2026Goldman Sachs warned oil could hit $120 if attacks intensify, while Iran announced plans for a maritime exclusion zone outside the Strait of Hormuz.
Who’s saying what
- Goldman Sachs
- Goldman Sachs analysts warned that Brent could reach $120 a barrel if shipping attacks broaden and intensify.
- Energy Aspects
- Energy Aspects noted that oil inventories outside China have fallen sharply, with reserves down more than 400 million barrels since the war began.
- Bearish
- Some analysts see prices potentially falling toward $80 if regional exports normalize, highlighting the geopolitical dependence.
Still unverified
The attack on Saudi Aramco's Jazan refinery is based on reports from the Financial Times citing two people with knowledge of the matter; damage is still being ascertained.