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EnergyNow Morning Oil Price Report
Report Date & Time: September 9, 2026 – 5:30 a.m. MDT – Using Trading View Prices
Summary
- WTI crude is approximately US$95.03 per barrel, up $2.00, or 2.15%, from Tuesday’s official $93.03 settlement. WTI is decisively higher as escalating U.S.-Iran military action raises the probability of prolonged Middle East supply disruption.
- Brent crude is approximately US$100.63 per barrel, up $2.71, or 2.77%, from Tuesday’s $97.92 settlement. Brent has broken above the psychologically important $100 level for the first time since July 24.
- The main catalyst is the sharpest escalation in attacks on commercial shipping since the U.S.-Iran conflict began. The U.S. says it sank five Iranian oil tankers, while Iran responded by targeting 10 vessels near the Strait of Hormuz and firing missiles at a U.S. base in Jordan.
Latest Oil Prices
Crude prices are sharply higher Wednesday morning, with Brent crossing $100 and WTI approaching $95 as traders rapidly add another geopolitical supply premium.
At approximately 5:30 a.m. MDT, WTI was quoted at US$95.03 per barrel. Compared with Tuesday’s official settlement of $93.03, that represents a gain of $2.00 per barrel, or 2.15%.
Brent was approximately US$100.63 per barrel, versus Tuesday’s official $97.92 settlement, an increase of $2.71, or 2.77%. Earlier Reuters reporting showed Brent breaking $100 and touching $100.19 as the rally accelerated.
There is no material futures-contract rollover distortion affecting today’s day-over-day comparison.
Why Oil Is Moving
The oil market is responding to actual attacks on vessels and energy infrastructure, rather than simply the possibility of disruption.
The United States attacked Iranian tankers after Iran launched missiles against a U.S. Navy vessel. Iran subsequently retaliated by targeting 10 ships near the Strait of Hormuz and firing ballistic missiles at a U.S. military base in Jordan. Reuters described it as the biggest wave of attacks on commercial shipping since the war began six months ago.
The conflict has also expanded toward Saudi Arabia. Iran-backed Houthi forces have struck Saudi cities and oil installations, threatening export routes that Saudi Arabia has increasingly used to bypass the disrupted Strait of Hormuz.
Key Market Risks or Catalysts
Hormuz remains the central risk. Before the conflict, approximately 20% of world oil supply moved through the Strait. Traffic remains heavily impaired, and additional attacks could further reduce available Gulf exports.
Emergency inventories are also becoming more important. The U.S. Strategic Petroleum Reserve fell another 1.2 million barrels last week to 285.4 million barrels, its lowest level since November 1982. That leaves Washington with less inventory flexibility if supply disruptions worsen.
The major bearish risk is increasingly demand destruction. Brent above $100, record U.S. diesel prices and elevated gasoline costs are adding to global inflation concerns. Higher energy inflation could force central banks to keep interest rates higher, slowing economic growth and ultimately reducing petroleum demand.
China is another concern: August crude imports improved from July but were still 23.4% below a year earlier.
Bottom Line
Oil is decisively higher Wednesday morning, and Brent’s move through $100 per barrel represents an important psychological and economic threshold.
The key difference from earlier rallies is the growing evidence of physical disruption: tankers are being attacked, Hormuz remains constrained, Saudi infrastructure has been targeted and U.S. emergency inventories are at multi-decade lows.
Unless there is a meaningful de-escalation, the risk remains tilted toward further volatility and potentially higher prices.
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