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Oil tops US$101 as Iran and US trade strikes on vessels in Hormuz

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This satellite image provided by Planet Labs PBC on July 27, 2026 shows smoke rising from the Saudi Aramco oil processing facility in Abqaiq, Saudi Arabia, 2026. (Planet Labs PBC via AP, File)

Iran said on 9 September it had attacked 10 vessels near the Strait of Hormuz after the United States sank five Iranian oil tankers, in the largest attacks on shipping by either side since their war began six months ago.

Key facts

Summary

At least one tanker crew member was reported dead and another missing.

The attacks sent oil prices higher. Brent crude, the global benchmark, rose above US$100 a barrel for the first time since July after gaining more than 3% the previous day. It was last trading at US$101.50 a barrel, while US West Texas Intermediate stood at US$96.69.

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