EL7.AI
CommoditiesMediumUpdated•Originally published 9 September 2026•Updated 9 September 2026•
2 min read

Brent at $99.39 as Tanker Strikes Deepen Supply Risks

Key Facts

1Brent crude instrument BZUSD closed at $99.39 on September 8, 2026 after trading between $95.97 and $99.45.
2The US military said it destroyed 5 Iranian tankers on September 8 after attempted attacks on a US warship.
3Oil flows through Hormuz were 4,900,000 barrels a day in the second quarter of 2026, compared with 14,900,000 in the first quarter of 2026.

EL7.AI data for Brent crude instrument BZUSD showed a September 8, 2026 close of $99.39 a barrel after a daily high of $99.45 and a low of $95.97. That left crude $0.61 below the $100 level at the close.

Brent's approach toward $100 coincided with renewed escalation between the United States and Iran. The US military said it destroyed 5 Iranian oil tankers on September 8 after attempted attacks on a US warship, while Secretary of State Marco Rubio warned that Iran would lose additional tankers if it kept trying to target US naval ships.

The September 8 strikes followed another operation announced by US Central Command on September 5. CENTCOM said it struck 3 Iranian crude carriers after the Islamic Revolutionary Guard Corps launched ballistic missiles toward 2 US Navy warships, adding that no American personnel were harmed.

The evidence does not support attributing oil's move to Rubio's warning alone. Market reports also cited Houthi attacks on Saudi energy facilities, disrupted operations and tanker flows through the Strait of Hormuz remaining below normal—factors that increased supply concerns and the geopolitical premium in prices.

US Energy Information Administration data illustrate the pressure on the Hormuz route. Average oil flows through the strait were 4,900,000 barrels a day in the second quarter of 2026, compared with 14,900,000 in the first quarter of 2026 and 21,600,000 in the fourth quarter of 2025. Lower flows make prices more sensitive to supply news and Gulf barrels harder to replace quickly.

Maritime risks remain tangible. On August 28, 2026, the International Maritime Organization said it had verified at least 70 attacks on international shipping since the conflict began, killing 19 seafarers, while up to 400 ships carrying about 6,000 seafarers had been unable to leave the Gulf safely.

The market will now focus on the pace of tanker transits through the Strait of Hormuz, the restoration of operations at affected energy facilities and any further exchange of strikes. Improved navigation would reduce the risk premium, while prolonged disruption could keep crude volatile near $100.