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Brent crude, the global oil benchmark, rises 2.3% early Wednesday to briefly trade at $100 per barrel for the first time since July, before falling back slightly.
Crude Oil Price Today.
Oil prices surged above $100 a barrel for the first time in nearly six weeks on Wednesday as fresh attacks on oil infrastructure and shipping in West Asia raised fears of further disruption to an already fragile global supply chain.
Brent crude, the global oil benchmark, rose 2.3% early Wednesday to briefly trade at $100 per barrel for the first time since July, before falling back slightly. US crude oil was up 1.3% to hit $94 per barrel.
The latest jump came after the US military said it had struck five Iranian tankers in response to attempted missile attacks on a Navy warship. Separately, attacks carried out by Iran-backed Houthi rebels sparked fires at oil facilities in Saudi Arabia, adding to concerns over the security of both oil production and transportation routes in the region.
Brent first settled above $100 per barrel this year on March 12, then its highest level since 2022 when Russia invaded Ukraine.
After surging higher in April and May, Brent then tumbled and fell as low as $72 per barrel in June after the US and Iran said they reached an agreement to re-open the Strait of Hormuz.
But Brent resumed climbing as conflict persisted, topping $100 per barrel again in July before wavering and then hitting that mark again late Tuesday.
Pinky Yadav, Commodity Fundamental Analyst at Choice Broking, said, “Crude oil surged 2.32% on MCX, with international prices crossing $100, after Iran attacked a US base in Jordan and targeted ships near Hormuz following tanker sinkings. The US had earlier struck Iranian tankers near Kharg Island, prompting missile retaliation and warnings to Gulf tanker crews. Houthi militants also hit Saudi Arabia’s Jazan refinery. Stronger Chinese demand is now pushing up African, Canadian and Latin American crude prices as refiners seek alternatives amid Hormuz disruptions.”
The developments come at a particularly sensitive time for global oil markets. Any sustained disruption to production, storage facilities or tanker traffic could tighten supplies and push prices higher, particularly if the conflict begins to affect major shipping routes or key oil-producing infrastructure.
The price of oil has moved around as traders monitor traffic through the Strait of Hormuz and try to gauge whether the market is going to see bigger supply issues or not. The United States is trying tohelpoil tankers move through the strait while Tehran says it retains control.
The West Asia remains critical to global energy markets, with some of the world’s largest oil producers located in the region. It is also home to vital shipping routes through which large volumes of crude and petroleum products move to international markets. Any prolonged threat to these routes can therefore have an impact well beyond the countries directly involved in the conflict.
(With inputs from agencies)
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Ask News18Crude oil prices surpassed $100 a barrel in September 2026 due to fresh attacks on oil infrastructure and shipping in West Asia, including US strikes on Iranian tankers and Houthi rebel attacks on Saudi Arabian oil facilities. This escalation in the US-Iran conflict raised fears of disruptions to the global supply chain.
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