Business
US oil tops $100 a barrel for first time in three months as Hormuz shipments collapse
September 10, 2026 at 03:26 PM · Updated 36d ago
Coverage
5 reports · 4 in Arabic, 1 in English · over 10 hours
West Texas Intermediate crude rose about 5% on Thursday, crossing $100 a barrel for the first time since late May.
- West Texas Intermediate crude climbed about 5% on Thursday, exceeding $100 a barrel for the first time since late May, after Brent broke that level.
- Ship-tracking data showed seven tankers crossed the Strait of Hormuz on Wednesday, down from a daily average of 14 over the prior ten days.
- Vortexa estimated roughly 10 million barrels a day of oil exports — about 10% of global demand — remain missing because of the war with Iran.
- The U.S. Energy Information Administration reported global oil inventories have fallen about 400 million barrels since the start of 2026.
Latest developments
- Sep 10 — Tanker freight rates have surged to record levels, with VLCC earnings on the Middle East-China route around $800,000 a day and a US Gulf-to-Asia voyage fixed at $29.5 million.
- Sep 10 — Kepler, Morgan Stanley and Vitol expect rates to stay elevated into next year on longer routes around Africa, Houthi attacks and limited vessel availability.
- Sep 10 — Gulf energy firms KPC and ADNOC are expanding their own fleets to cut reliance on commercial carriers.
- Sep 10 — Brent crude has jumped about 7% to surpass $108 a barrel, its highest level since mid-May, amid escalating tensions over disrupted shipments.




