Brent and WTI Settle Above $100 as Supply Risks Widen

Key Facts

Both oil benchmarks jumped more than 6% on September 10. Brent settled 6.34% higher at $107.63 a barrel, while WTI gained 6.69% to $102.48, as attacks on tankers intensified concerns about further supply disruptions.

The breakout began on September 9, when Brent crossed $100 for the first time since July and settled at $101.21. WTI ended that session at $96.05. Both benchmarks moving above $100 the following day showed that the rally was no longer confined to Brent.

U.S. Central Command said its forces destroyed 5 Iranian oil tankers on September 8 after Iranian missile attempts targeted a U.S. warship. It said the tanker crews were directed to abandon the vessels before the strikes. That account comes from a party to the conflict, while independent reports confirmed the announcement of the operation.

Supply risks also spread toward the Red Sea. Reuters and the Associated Press reported that the Houthis seized Yemen's port of Mokha, increasing the threat to Red Sea traffic while tanker movements through the Strait of Hormuz remained restricted. The market is therefore monitoring both regional routes instead of focusing only on Hormuz.

President Donald Trump said oil prices might not decline and the war might not end until after the U.S. midterm elections on November 3. That is more precise than saying only that the conflict could last through November because his forecast was tied to a specific election date and the period after it.

Economically, a sustained period above $100 could raise transportation and manufacturing costs and revive inflation concerns, but crossing the threshold does not ensure that prices will remain elevated. The next move will depend on the severity of shipping disruptions, alternative supplies and realized demand.

On the producer side, 7 OPEC+ countries met virtually on September 6 and decided to apply September production requirements in October. The group scheduled its next meeting for October 4, providing a defined review date without promising a production change.