Oil Prices Exceed $100 Amid Middle East Tensions

On 11 September 2026, global crude oil prices surpassed $100 per barrel, marking the highest level since July. Brent crude, the benchmark for Nigeria's crude, increased by 2.8%, while US West Texas Intermediate (WTI) rose by 2.9% to $95.70 per barrel.

This surge, over 60% higher than the start of the year, is attributed to escalating military tensions in the Middle East, particularly following reports of strikes on Iranian oil tankers in the Gulf of Oman and missile attacks on a US Navy warship. Additionally, Iran-backed Houthi forces have reportedly attacked Saudi Arabian oil infrastructure, raising fears of broader conflict that could disrupt key oil-producing areas.

The Strait of Hormuz, a crucial waterway for global oil trade, is central to these concerns, as any disruption could significantly impact crude supplies and lead to increased prices and costs across various sectors, including transportation and manufacturing.