The price of oil has risen above $100 a barrel for the first time since July as the escalating conflict in the Middle East threatens further disruption to global supplies.
Brent crude, the international benchmark for oil prices, rose 2.7% to about $100.6 after tensions increased in the Gulf amid the latest tit-for-tat exchange of fire between the US and Iran.
UK and mainland Europe gas prices also soared on Wednesday. The benchmark Dutch gas contract rose by almost 4% to €78.73 a megawatt hour, the highest since January 2023. Meanwhile, the British contract rose by 7.77p to 196.57p a therm, the highest since December 2022.
for the first time since July
It’s September. WTF is this headline?
FOR THE FIRST TIME… ^since ^like ^2 ^months ^ago
Not even. July is only 1 month and 9 days ago.
And “above $100 […] first time since July” could even mean that the prices now are still lower than the peak they were at in July. As an extreme example, if the prices hit 200 in July, and then dropped to 99 for August, and then hit 101 today, that still satisfies “above 100 for the first time since July.”
I’m also annoyed by this sort of bait. My local newspaper was even worse, they just reported that the Brent price reached 100 USD, without information on how much it rose, or any historical comparison. So goddamn annoying.
For everyone’s reference here’s what the one year price history looks like (Beware: chart floor not fixed at Y=0):
This is the price of the front-month Brent crude futures on the Intercontinental Exchange, which is apparently what people mean when they talk about the price of Oil.
Brent, Murban, and WTI are the 3 main oil indicies. Usually they track eachother closely, but that has shifted thanks to this war
Murban contains most of the middle-eastern crude that is directly affected by this conflict, and their price has drifted up beyond the other two
Here is a spirce to see all 3 major indicies: https://oilprice.com/
Thank for the info, I have heard of WTI but not of Murban.
All the papers I read always talk about Brent. They sometimes even call it a North Sea variant, so I assumed the price was only influenced by indirect coupling.
I don’t know, and can’t defend, why it’s always Brent, that was just my observation.
Appreciate the link!
Local newspapers all became garbage a long time ago sadly. We have almost nothing standing. You should see my area. The front page is down to like 6 pages, but only 2 pages of actual news.
Reuters was explaining how the actual price of the distillates has been like 200 a barrel for stuff like diesal, that the usual markup is like 20 percent and now it’s like 100 percent. The article here can tell you I forget already.
There is more to these prices than just benchmark crude prices it seems, yet reuters didn’t say anything until now. I wonder why that is.
…’
Brent tops $100 a barrel for the first time since July 24 Iran attacks US base in Jordan, ships near Hormuz after tankers sunk Physical oil and fuel prices have been over $100 already in recent daysHOUSTON, Sept 9 (Reuters) - Brent crude futures breached $100 a barrel on Wednesday for the first time since late July, as Iran and the U.S. hit tankers in the biggest wave of attacks on shipping since the war began, threatening to worsen the ongoing impairment of energy supplies from the Middle East. Front-month Brent crude futures were up $3.40, or 3.5%, at $101.32 a barrel as of 11:15 a.m. ET (1515 GMT), after touching a high of $101.55. U.S. West Texas Intermediate crude was up $3.45, or 3.7%, at $96.48 a barrel, highest since early June.
The Reuters Power Up newsletter by columnist Ron Bousso provides everything you need to know about the global energy industry. Sign up here. Since late May, oil benchmarks have generally traded well below the $100-per-barrel psychological threshold, reflecting expectations that the conflict would remain on a low simmer. Optimism rose in particular after the U.S. and Iran came to a temporary agreement to cease attacks, even though a permanent peace deal had not been reached. That calculus has been shifting of late with the resumption of strikes. Iran said on Wednesday it had attacked 10 ships near the Strait of Hormuz and the U.S. sank five Iranian oil tankers, in a sharp escalation of the six-month-old war. “The move towards and back above $100 Brent is reflecting a market that increasingly has to change its view on how long the Middle East crisis will continue to curb supply from the region,” said Ole Hansen, head of commodity strategy at Saxo Bank. Futures prices are moving closer to physical crude and fuel markets, where the reality of tight supply has been apparent for the bulk of the conflict. Since the Iran war began on February 28, Brent has surged as high as $126.41 a barrel, a peak reached on April 30, but had only briefly touched $100 a barrel in late July after retreating below that threshold in late May. The contracts were headed for their biggest daily rises in percentage terms since September 1. SUPPLY RISKS MOUNT Shipping volumes through the Strait of Hormuz remain far below their prewar peak. That artery was responsible for transiting about one-fifth of the world’s oil-and-gas supply, making it key to worldwide energy trade. “The near-term fundamentals have suddenly turned to much tighter supplies, and the back & forth strikes from the US & Iran looks to now be a mainstay, with any chance of a peace agreement moving further out in the distance,” said Dennis Kissler, senior vice president of trading at BOK Financial. The overnight activity once again raises concerns about attempting to use the strait. Six commodity vessels passed through the strait on Tuesday, down from nine a day earlier and below the 10-day average of about 12, preliminary Kpler shipping data showed. In the week before a resumption in fighting on August 30, roughly 8 million to 9 million barrels per day had flowed through Hormuz, double the previous week’s volume, according to Rystad Energy’s chief economist Claudio Galimberti. More recently, flows have fallen below 2 million bpd. Item 1 of 2 A map showing the Strait of Hormuz, also known as Madiq Hurmuz, and 3D printed oil barrels are seen in this illustration taken March 26, 2026. REUTERS/Dado Ruvic/Illustration [1/2]A map showing the Strait of Hormuz, also known as Madiq Hurmuz, and 3D printed oil barrels are seen in this illustration taken March 26, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab A tanker carrying about 2 million barrels of Iraqi fuel oil was struck by a drone in Iraqi territorial waters on Wednesday, port officials said, while UKMTO, a British navy-linked agency, reported that several merchant vessels in the Gulf had been hit by disabling fire overnight. A seafarer was killed in an incident involving the Gibraltar-flagged oil products tanker Hercules Star while at anchorage off Dubai, the vessel’s charterer Peninsula said on Wednesday. “The key risk is whether the recent attacks on oil tankers lead to fewer ship-to-ship transfers taking place in the Gulf of Oman, which have so far played a key role in providing oil to global markets and keeping a lid on prices,” said Hamad Hussain, senior climate and commodities economist at Capital Economics. FUELS, PHYSICAL CRUDE OIL ALREADY ABOVE $100 In the physical crude oil market, the dated Brent oil benchmark, against which roughly two-thirds of supply is priced, has been above $100 per barrel since September 3, according to LSEG data. Physical oil markets, linked to prompter deliveries than futures contracts which typically start a month out, react quickly to supply disruptions as buyers need to go into the market swiftly to seek alternative cargoes. Meanwhile, consumers have been paying the equivalent of more than $100 a barrel for their oil in the form of refined fuels such as gasoline and diesel for most of this year, as conflicts created a global refining crunch which sent fuel prices soaring even relative to crude. U.S. gasoline prices are currently averaging $4.22 a gallon, while diesel prices are at a record, and closing in on $6 a gallon. European fuel markets remain extremely tight, with diesel futures near $200 a barrel and record refining margins driven by supply disruptions from Hormuz and Russia, pushing fuel prices to historic highs in Europe and the United States.’
Article texts in comments? What a hero
looks like oil is volatile.
All these fucking idiots who voted for trump are pedophile enabling fucks who are so dumb they would burn down their entire lives so trans people can’t play sports. You fucking idiots.
Maga amirite you republican morons?
And more EVs are being sold.
How many of those are sold with plastic and rubber alternatives?
If you aren’t just setting oil on fire, there’s plenty for making plastic and rubber.
Ohhhh, so we’re okay with the oil industry as long as it doesnt go through hormuz.
That’s why energy companies love fossil fuels a lot more than renewable. Oil price goes up, fuel price shoots up immediately. Oil goes down, price of fuel slowly floats down. Much more margin.
For the last, uh, well for most of my life, gas prices rise and rise. Grumbling about it rise and rise until finally Congress says they’re going to look into it. And then prices drop almost immediately before starting to creep up again. And Congress never really looks into it.
i feel that the language in the title is not trying to be honest. like “like never seen before…. 4 weeks ago”. it would have been more honest if it said “oil price per barrel over $100 again”
Terrible title. Oil prices up to $100 for the first time EVER in the last month!
The first time since last time.
It’s kinda special that the US still is in a war they already lost in the first week. I’ve never seen that happening before.
Are you kidding?!! We’ve won this war at least 8 times already!
Lol
I recently had to dip into California on a road trip. Diesel fuel was $8.50 a gallon.
How cargo transport is going to survive at that price level I have no idea.
It’s roughly 2,30 euro a litre in Germany… So $2.66 per litre or roughly 10 bucks per gallon.
Make the usa pay for it
And this is why I just bought an EV.
Yeah because electricity prices are unaffected by oil prices… Right?.. Right?!?
They dropped relative to inflation here, only natural gas prices went up a fair bit.
I fully electrified my house and use a bike for transport.
I’m a heavy power user. I have a wall of synthesizers and a shed full of power tools. Also a mobile aircon for during the massive heatwaves and I have an e-bike. But my energy bills have doubled since Iran closed the strait. My supplier only uses national green energy.
Well the summary mentions UK gas prices soaring. Which is true, but electricity increased by so little its a drop relative to inflation.
The media report it as “the average house bill will go up by x”. A lot of people still insist on buying gas boilers and I will just sit here and laugh at them as I sit in my toasty living room with a heat pump.
You chose the fossil fuel option, its on you. Mainly looking at people with new installs, I know a few of them.
I don’t have gas, there’s central heating in my city. I only have green energy.
Beginning of covid I paid 35 euros per month on electricity. During the war in Ukraine it went up to 120, then down to 70. Now since the war with Iran I’m paying 160. My country holds the largest oil reserves in Europe and, again, my energy supplier promotes they only have 100% green renewable energy.
They are where I am.
You’re in the UAE? Here in Europe they are highly fluctuating, getting a new energy contract deal changes every day by a landslide. All because of the war with Iran.
Got photovoltaics and prices are fixed 12 to 24 month here in Germany. Unlike gas I can make electricity myself. The faster we wean off oil, the faster we become unaffected. Also no gas heating helps
The fluctuating price of electricity exceeds the price of fossil fuel? It’s way cheaper in Australia.
Don’t panic ,just another scam in progress
Reminder that oil is refined before it is made into products such as gasoline. If say a refinery gets blown up, that can make refined products like gasoline much more expensive due to less supply and simultaneously lower the price of crude oil because with less refining there is less demand for crude oil.
The price of crude oil going in to be refined is important because if that is crazy expensive then generally so will be products that are made from it but there are some other factors at play
Iran has to think about effective measures for the future of their country. And if the gulf monarchies survive unassassinated, they will not be safeguarding their nations.
Iran needs to kill the ruling families of the UAE, and Saudi Arabia. I am fucking serious, it’s a dereliction of duty if they don’t. They have plenty of time, this is a forever war.
Yes, we need to expand the war even more.
The gulf monarchs are in it. You are saying lets let their citizens suffer, and let the ones causing the war go unscathed.
There is only one thing they understand. And there are VERY FEW foreign despots more deserving of justice than the ruling families of the Saudis and UAE.
They are also both super unpopular across the west. On the left right and center, everyone hates them except our politicians and their business partners, funny how that works.
Your comment is beyond wrong headed in my estimation.
