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

Oil prices surged to a 7-month high on Wednesday, reaching $100 a barrel for the first time since July, after the US and Iran clashed in the Gulf region and Yemen's Houthi rebels targeted Saudi oil facilities. The US military's Central Command said its strikes destroyed five Iranian oil tankers linked to the Islamic Revolution Guard Corps in the Gulf of Oman, while the Houthis reported dozens of Saudi strikes in Yemen. The attacks pushed the price of Brent crude, the global benchmark, to its highest level since late July, when Iran and the US resumed hostilities after a one-month lull. The escalation has sparked fears of further disruptions to global oil supplies, with the effective closure of the Strait of Hormuz waterway in the Gulf resulting in the loss of 20% of the world's oil and liquefied natural gas shipments. The rising oil costs have sparked leaps in petrol prices around the world for motorists. The US and Israel's war with Iran began in February, with Brent crude previously priced at about $70 a barrel. The conflict has also seen Iranian missile and drone attacks on commercial shipping and a US naval blockade of Iranian ports, resulting in the closure of the Strait of Hormuz. The Houthis have been targeting Saudi energy infrastructure and tankers in the Red Sea since July, when a four-year ceasefire in Yemen began unravelling. The attacks have sparked international concern, with the US and other nations calling for calm and a return to diplomacy. Earlier report (2026-09-09 16:01): Oil prices rose past $100 a barrel on Wednesday for the first time since July after the US and Iran conflict escalated and Houthi attacks in Saudi Arabia continued. The US struck five Iranian tankers in reprisal, with four located in the Gulf of Oman linked to Iran's Revolutionary Guards Corps. Iranian missiles were also fired at a US base in Jordan, most of which were shot down, and claimed to have hit two US vessels and eight oil tankers in the Strait of Hormuz. The Houthis and Saudi Arabia have been exchanging strikes since July, with Houthi missile attacks targeting Saudi airports, oil facilities, and tankers in the Red Sea. The conflict began on February 28 this year, with oil prices previously at around $70 a barrel. The US and Iran have been locked in a war since the US embassy bombings in Iraq in January. The conflict has led to a significant rise in oil prices, with Brent crude currently at $99.90 a barrel. The US and Iranian attacks have increased tensions in the region, with the US seeking to limit Iran's ability to export oil. Saudi Arabia has also been targeted by Houthi missile attacks, with civilians and economic sites being hit. The UN has called for restraint and a ceasefire in the conflict, but so far, no agreement has been reached. Earlier report (2026-09-09 15:09): Oil prices surged past $100 a barrel for the first time since July after the US hit five Iranian tankers on Tuesday, in response to Tehran's attack on a US warship in Jordan. The five strikes targeted Iranian tankers in the Gulf of Oman, with four linked to Iran's Revolutionary Guards Corps. The US also attacked oil facilities in Saudi Arabia, targeting the Iran-backed Houthi movement's supply lines. The Houthi movement has been attacking tankers in the Red Sea. Iran responded by launching missiles at a US base in Jordan, most of which were shot down. The Jordanian military intercepted 18 of the 20 Iranian missiles, with two falling in unpopulated areas. Iran's Revolutionary Guards claimed to have attacked two US vessels and eight oil tankers in the Strait of Hormuz. The conflict has caused a significant spike in oil prices, with Brent crude reaching a five-month high. The war has also led to the effective closure of the Strait of Hormuz, which carries 20% of the world's oil and liquefied natural gas. The rising costs have sparked huge price leaps in petrol around the world. The conflict began on 28 February this year, when the US and Israel launched attacks on Iran. The US and Iran have been engaging in a tit-for-tat strike, with the Houthi movement also attacking oil facilities in Saudi Arabia. The price surge has been exacerbated by the ongoing conflict, with oil prices fluctuating wildly during the war. The war has also led to a significant increase in the cost of petrol, with motorists at the pumps feeling the impact.