Story perspectives

Brent Surges Above $100 After Middle East Attacks

By Drooid · Sep 11, 2026, 4:02 PM UTC · How we work

Summary

Story summary

Brent crude rose above $100 a barrel after attacks on Middle East oil facilities and ships.
U.S. destroyed five Iranian tankers and Houthi rebels struck Saudi facilities, boosting the surge.
Brent closed at $101.21 and WTI at $96.05, their highest since May 22.
U.S. gasoline rose to $4.22 per gallon and diesel hit a record $5.94.
President Donald Trump said oil prices likely won’t fall until after the November 2026 midterms.

History

Historical Context

The 1973 Arab oil embargo, triggered by the Yom Kippur War, forced OPEC to cut production, sending crude prices soaring. In October 1973, Saudi Arabia and Iran reduced output by 5 million barrels per day, pushing U.S. gasoline to $0.55 per gallon. Today's Brent surge above $100, driven by U.S. strikes on Iranian tankers and Houthi attacks on Saudi facilities, mirrors the embargo’s supply shock. Both crises prompted governments to reassess energy security, leading the United States to establish the Strategic Petroleum Reserve and diversify imports.

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Story summary

Brent crude rose above $100 a barrel after attacks on Middle East oil facilities and ships.
U.S. destroyed five Iranian tankers and Houthi rebels struck Saudi facilities, boosting the surge.
Brent closed at $101.21 and WTI at $96.05, their highest since May 22.
U.S. gasoline rose to $4.22 per gallon and diesel hit a record $5.94.
President Donald Trump said oil prices likely won’t fall until after the November 2026 midterms.

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