Brent Crude Hits $100 as US and Iran Trade Strikes Near Strait of Hormuz

Brent crude crossed $100 a barrel for the first time since July on September 9, 2026, as the United States and Iran exchanged military strikes near the Strait of Hormuz in an escalating conflict. The U.S. military said it destroyed five Iranian crude tankers in retaliation after Iran's Islamic Revolutionary Guard Corps targeted an American warship. U.S. Central Command denied Iranian claims that two American vessels were struck, saying the warship successfully evaded the attack and no U.S. personnel were harmed.

Iran countered with its own account of the exchange, with an IRGC spokesman claiming Iranian defensive strikes hit U.S. vessels and bases. An Iranian general, Mohammadi, issued a stark warning that any enemy strike on two Iranian targets would be met with strikes on twenty. He laid out conditions for ending the conflict that include a full halt to hostilities, Israeli withdrawal from Lebanon, an end to the siege of Yemen, release of $24 billion in frozen Iranian assets, and no outside interference in Iran's nuclear and missile programs.

Shipping in the region came under direct threat as well. The UKMTO reported a tanker was struck by an unknown projectile 28 nautical miles southeast of Al-Faw, Iraq, with the crew safe and no environmental damage reported at the time. Iran separately launched drones toward tankers near Iraq and the United Arab Emirates, and the IRGC warned that any vessel transiting the restricted area of the Strait of Hormuz would be sanctioned. New satellite imagery of the Machkush Mountain area near Natanz also showed extensive underground construction, which CSIS analysts assessed as likely intended to shelter Iran's nuclear program.

Brent futures were last seen at $100.44 a barrel, up 2.57%, while U.S. benchmark West Texas Intermediate jumped 2.03% to $94.92. Experts warned that prices could exceed $120 a barrel if attacks continue and traffic through the Strait of Hormuz remains disrupted. CNBC reported that President Trump, who has retained major oil and gas investments throughout the conflict, has seen those holdings gain millions of dollars as energy markets have moved.