By Boluwatife Oshadiya | September 10, 2026
Key Points
- Brent crude futures climbed above $100 a barrel as US-Iran tensions intensified
- WTI rose 1.5% to $94.50 a barrel during Wednesday trading
- Iran’s IRGC claimed its naval forces targeted US vessels and oil tankers
Main Story
Brent crude futures rose above $100 a barrel on Wednesday as renewed US-Iran tensions heightened concerns over global oil supply and security around the Strait of Hormuz.
The international benchmark gained 2.2%, while West Texas Intermediate (WTI) crude rose 1.5% to $94.50 a barrel, according to the market report supplied to BizWatch Nigeria.
The price movement followed a statement from Iran’s Islamic Revolutionary Guard Corps (IRGC), which said its naval forces had targeted two US vessels and eight oil tankers in the Persian Gulf.
The IRGC said the attacks were carried out in response to what it described as US aggression, including an alleged attack on five Iranian oil tankers in the Persian Gulf.
Iran did not identify the vessels or tankers it claimed were targeted and did not provide details on when the attacks occurred.
The IRGC also said Iranian naval forces targeted 10 other vessels that attempted to enter what it described as a restricted and unsafe area of the Strait of Hormuz. It claimed the vessels were acting with the encouragement and support of the US military.
The developments have added pressure to an already fragile US-Iran relationship, with energy markets particularly sensitive to any disruption around the Strait of Hormuz, a major route for global oil shipments.
The two countries signed a memorandum of understanding in June, mediated by Pakistan and Qatar, setting out steps towards ending hostilities, reopening the Strait of Hormuz and addressing economic restrictions.
However, both sides have since accused the other of failing to implement the agreement, while military tensions have continued alongside disputes over sanctions and navigation rights.
What’s Being Said
“The strikes were carried out in response to US aggression, including an attack on five Iranian oil tankers in the Persian Gulf.” — Islamic Revolutionary Guard Corps, Iran.
The IRGC also claimed that vessels entering the restricted area of the Strait of Hormuz were acting with US military support.
What’s Next
Oil markets will continue to watch developments around the Persian Gulf and Strait of Hormuz for signs of further military escalation or disruption to crude shipments.
The implementation of the June memorandum of understanding between the US and Iran also remains a key factor for energy markets, particularly if renewed diplomatic efforts can reduce tensions around oil transport routes.
Bottom Line
The Bottom Line: Brent’s move above $100 reflects the premium investors are placing on geopolitical and supply risks as tensions around a critical oil-shipping corridor intensify. Sustained disruption around the Strait of Hormuz would put further upward pressure on crude prices.
