Brent Crude Surpasses $100 Amid Houthi Attacks on Saudi Oil Facilities
On September 8, 2026, Brent crude oil rose above $100 a barrel for the first time in three months following attacks by Iran-backed Houthi forces on oil facilities in southern Saudi Arabia. The assault involved drones and ballistic missiles targeting four cities, causing fires at Saudi Aramco sites and injuring dozens of people. The conflict between the U.S. and Iran has intensified regional tensions, disrupting shipping through Hormuz to below 2 million barrels a day from over 9 million previously. Analysts warn that physical crude grades are extremely tight, with Dubai and Oman trading above $104 each. Goldman Sachs raised its Brent forecast by $5 for December and into 2027. Energy prices have already contributed significantly to U.S. inflation, with gasoline up over 24% year-to-July. The standoff at Hormuz shows no immediate resolution as Iran has not accepted new U.S. proposals.
Topics: Brent crude geopolitical conflict Houthi attacks oil Saudi Arabia