Oil prices held firm on Thursday, September 10, 2026, after Brent crude crossed $100 a barrel.
Brent crude futures dipped 0.1 per cent to $101.10 a barrel by 0256 GMT, while U.S. West Texas Intermediate crude rose 0.2 per cent to $96.24 a barrel.
The market is bracing for deeper supply disruptions as Iran and the United States launched their largest attacks on shipping since their six-month-old conflict began.
Iran said on Wednesday, September 9, it had attacked 10 ships near the Strait of Hormuz after the U.S. sank five Iranian oil tankers.
The Islamic Revolutionary Guard Corps said it will escalate its response to any further attacks.
Analysts say the tit-for-tat attacks mean oil flows from the Persian Gulf are likely to remain disrupted for some time.
Oil flows through the Strait of Hormuz remain far below pre-war levels. The waterway carried about a fifth of global oil and gas supplies before the war.
Pressure is also mounting on alternative routes for Gulf oil exports, with Iran-aligned Houthi militants stepping up strikes against Saudi Arabia.
That is threatening crude shipments via the Red Sea. In the physical market, dated Brent has stayed above $100 per barrel since September 3, according to LSEG data.
About two-thirds of global supply is priced against the benchmark. The U.S. Energy Information Administration on Wednesday raised its oil price forecasts for this year and next. It says global stockpiles are falling due to the loss of Middle Eastern supply.
Oil climbs to highest since July 31 as Hormuz tensions offset surprise crude build
Source: Reuters
