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Oil hits $100 a barrel for first time since July after US and Houthi strikes

September 9, 2026

Oil prices surged above $100 per barrel for the first time since late July, driven by escalating military conflicts in the Middle East. The United States conducted retaliatory strikes against five Iranian tankers after Iran targeted American warships, while Yemen's Houthi forces simultaneously attacked Saudi Arabian oil facilities and injured dozens. These hostilities, which began in late February when the US and Israel attacked Iran, have effectively closed the Strait of Hormuz—a critical waterway carrying 20% of global oil and liquefied natural gas supplies.

Who is affected

  • US military personnel and warships in the Middle East
  • Iranian tanker crews (particularly those on the five targeted vessels, including the M/T Riesco which sank)
  • Saudi Arabian civilians (73 people injured in Houthi attacks)
  • Prisoners in al-Hazm, Yemen (11 people killed in alleged Saudi bombing)
  • Global motorists experiencing higher petrol prices at pumps
  • Iran's Revolutionary Guards Corps (IRGC)
  • Saudi Arabian energy workers and facilities in Abha, Khamis Mushait, Jazan, and Najran

What action is being taken

  • The US is conducting strikes on Iranian oil tankers
  • Iran is launching missile attacks on US bases and vessels
  • Yemen's Houthi movement is attacking Saudi Arabian oil facilities and civilian infrastructure
  • Saudi Arabia is conducting bombing operations in Yemen
  • US operations in regional waters are ongoing
  • Oil facility operations in Saudi Arabia have temporarily halted due to fires

Why it matters

  • The conflict has effectively closed the Strait of Hormuz, a critical chokepoint that carries 20% of the world's oil and liquefied natural gas, causing oil prices to spike from $70 to over $100 per barrel. This represents a significant disruption to global energy markets and has triggered substantial increases in gasoline prices worldwide, affecting consumers and economies globally. The escalating tit-for-tat military strikes between the US, Iran, and regional actors demonstrate growing instability in a region crucial to global energy supplies, with potential for further escalation that could push prices even higher.

What's next

  • No explicit next steps stated in the article

Read full article from source: BBC