Brent approaches $100 as Middle East attacks add to oil supply concerns

Brent approaches $100 as Middle East attacks add to oil supply concerns

Fiona Craig

Wed, September 9, 2026 at 12:32 PM GMT+3 2 min read

• CL=F +6.87%

Brent crude traded close to $100 a barrel on Wednesday, reaching levels last seen in July as markets assessed further military activity in the Middle East and its potential impact on regional oil supplies.

At 0614 GMT, Brent crude futures were up 1.3% at $99.22 a barrel, while U.S. West Texas Intermediate crude gained 1.2% to $94.13 a barrel.

Brent has risen approximately 25% since early August as fighting in the six-month conflict resumed and expectations for a permanent resolution diminished.

Middle East attacks remain in focus

The conflict escalated on Tuesday as Iranian-backed Houthi forces in Yemen carried out strikes against several Saudi Arabian cities.

U.S. forces also struck multiple Iranian oil tankers, while Iran targeted a U.S. base in Jordan and attacked vessels.

"Bullish momentum is building in crude markets as Brent crude approaches the psychologically important $100-per-barrel mark," said Priyanka Sachdeva, head of market insights at Phillip Nova.

Oil markets are assessing the potential implications of the latest attacks for Middle Eastern supply, following previous strikes affecting regional energy infrastructure and major shipping routes.

Saudi Arabia has redirected some oil exports away from the Strait of Hormuz. Analysts said sustained attacks on the country could make efforts to maintain crude exports more difficult.

"Iran's attacks on Saudi energy facilities and the subsequent destruction of five Iranian tankers raised concerns about another prolonged disruption to oil supplies," OCBC analysts said in a note.

Higher oil prices add to inflation considerations

Analysts are also monitoring the impact of higher crude prices on inflation, particularly in Asian economies that rely heavily on imported energy.

"$100 Brent should not be viewed simply as a psychological milestone. It is a warning level for the broader economy," Sachdeva said.

Brent's move toward $100 comes as markets continue to assess the duration of the Middle East conflict and the potential consequences for energy infrastructure, shipping routes and regional crude exports.

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