Oil Hits $100 a Barrel as Turmoil Intensifies in Middle East

The global price of oil reached $100 a barrel on Wednesday for the first time since July as tensions in the Middle East escalated. That’s nearly 40 percent higher than on the eve of the war in Iran.

The rise reflects investors’ concerns about how long the war, now in its seventh month, will last; tensions have snarled a large chunk of global oil shipments.

Brent crude, the global benchmark for oil prices, briefly surpassed $100 a barrel in July. In the early months of the war, Brent peaked near $120 a barrel. The price of West Texas Intermediate crude, the U.S. benchmark, is up 41 percent since the start of the war, at $95 a barrel.

Crude oil is the primary ingredient for fuels like gasoline and diesel. Rising oil prices have pushed the average price of gasoline in the United States past $4 a gallon, according to the AAA motor club, while diesel this month hit a record high, surpassing its previous peak set four years ago. Diesel is now nearly $6 a gallon, up more than 55 percent since the start of the war.

Article source: https://www.nytimes.com/2026/09/09/business/brent-oil-100-barrel-iran-war.html