NEW YORK — The price of Brent crude rose above $100 a barrel on Wednesday as attacks on ships and energy facilities in the Middle East sharpened concerns about oil moving through already pressured routes. Associated Press reported Brent at $100.72 early in the day, up nearly 3 per cent, while the US benchmark rose to $95.25.

The move followed several developments that markets were forced to price together: US military strikes on Iranian tankers after attempted attacks on a Navy warship, Houthi attacks that set fires at Saudi oil facilities, and continuing constraints on shipping through the Strait of Hormuz. The Strait carried roughly one fifth of globally traded oil before the current war, which is why disruptions there have effects far beyond the region.

The immediate consumer effects are already visible in the United States, where AP cited AAA figures showing regular petrol rising seven cents overnight to $4.22 a gallon. Diesel prices — especially important to transport and production costs — reached $5.94 a gallon. These are US retail figures and should not be treated as a universal measure of fuel costs, but the direction of pressure is global.

Markets can reverse sharply when diplomatic expectations change. Bank of America analysts quoted by AP said a durable agreement before the US midterm elections looked increasingly unlikely, while noting that a recovery in traffic could limit some disruption. The key distinction is between a temporary risk premium and structural supply damage. Wednesday’s prices show the market sees the risk; they do not tell us yet which scenario will prevail.

*Reporting note: this article is based on the source record listed above and is current as of 9 September 2026. Figures and operational claims remain attributed where official or first-day reports can change.*