Crude Oil Prices Rise After US and Iran Strike Ships | September 7, 2026

Crude oil prices extended their gains on Monday, September 7, 2026, after strikes by the United States and Iran on vessels in and around the Strait of Hormuz increased concerns over prolonged disruptions to oil supplies from the Middle East, as per news reports. 

Brent crude futures rose 52 cents, or 0.54%, to $96.80 a barrel by 2354 GMT, while US West Texas Intermediate crude gained 66 cents, or 0.72%, to $92.14 a barrel. 

Strikes Raise Concerns Over Strait of Hormuz 

Brent crude gained 7.8% last week, while WTI rose nearly 10%, after renewed attacks by the US and Iran disrupted oil flows through the Strait of Hormuz. The waterway has historically carried around a fifth of the world's oil supply. 

US Central Command said American forces struck three Iranian oil tankers on Saturday, including one near Kharg Island, an important Iranian oil export hub. Iran's Islamic Revolutionary Guard Corps said it had targeted three oil tankers travelling through unauthorised routes in the Strait of Hormuz, along with three US vessels elsewhere. 

Maritime intelligence firm Marisks described the attacks as a major escalation in the maritime conflict, highlighting growing risks for commercial shipping in the region. 

Vessel Traffic Falls to Lowest Level Since May 

Only an average of 10 commodity ships passed through the Strait of Hormuz each day over the past 10 days, according to data from analytics firm Kpler. This was the lowest level recorded since May. 

Iran's Supreme National Security Council secretary Mohsen Rezaei also said on Sunday that a restricted zone would be announced outside the Strait of Hormuz in the coming days, according to state media. 

OPEC+ Keeps October Oil Policy Unchanged 

OPEC+ kept its oil output policy unchanged for October following a meeting on Sunday. The producer group said new quotas would need to be agreed before it determines its next steps on production. 

The continued uncertainty around regional exports has added to concerns that Middle East oil supplies could remain constrained for an extended period. 

Supply Disruptions May Continue 

The latest developments point to the possibility of continued disruption through the remainder of 2026. A gradual reopening of supply routes could begin towards the end of the fourth quarter, while oil flows may not return to pre-conflict levels until late in the first quarter or early in the second quarter of 2027. 

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Conclusion 

Crude oil prices remain elevated as attacks on vessels, lower traffic through the Strait of Hormuz and uncertainty over regional exports continue to threaten supply. Further developments around the waterway and Middle East oil infrastructure are likely to remain important for global energy markets. 

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