Oil climbs as US-Iran strikes in Hormuz raise supply fears — Brent near $98, Murban jumps to $110.80

Oil prices surged on September 9, 2026, following renewed tensions between the United States and Iran, which threatened to disrupt oil trade through the Strait of Hormuz. The top crude benchmarks, WTI and Brent, both rose over one percent in early trading. WTI crude climbed to $94.33, while Brent surged to $97.92, nearing a six-week high.

Murban crude prices jumped 3.75% to $110.80, marking a $4.00 increase. The latest prices highlighted the market's apprehension over the possibility of a prolonged Middle East conflict and potential supply disruptions. The immediate cause for the price surge was the US military's reported destruction of five Iranian crude carriers, as confirmed by US Central Command.

The targeted vessels were situated in the Gulf of Oman and near Kharg Island, an important Iranian crude-export hub. The strikes were described as retaliatory, aimed at pressuring Iran's oil revenue by crippling its oil-export capacity. In response, Iran issued a stern warning to commercial ships near Bahrain and Kuwait, urging them to vacate their vessels immediately, threatening potential attacks if the tankers remained in those waters.

The threat extended beyond Iranian tankers and US naval assets to commercial vessels located in ports associated with the American military presence, increasing the risk of a shipping slowdown and higher premiums in crude prices.