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Iranian crude oil carriers on fire after being struck by US Central Command forces in the Strait of Hormuz, September 8, 2026
Photo: U.S. Central Command / Reuters

Oil Surges to $107 as CENTCOM Sinks 5 Iranian Tankers

Al Jazeera2 min read6 sources

Why is oil up today?

Brent crude (BZ=F) rose 1.9% to $107.72 on Wednesday as Iran fired missiles at US carriers and CENTCOM sank five Iranian tankers, cutting Hormuz ship crossings to a record low of 6 per day.

Key numbers

Brent crude (Sep 16)$107.72/bbl+61.7% YTD from $66.60 in Jan 2026
WTI crude (Sep 16)$104.79/bbl+8.9% since Sep 9
Strait of Hormuz crossings6 ships/day-93% vs 85/day pre-conflict baseline (per [6])
Hormuz oil throughput4.9m bpd-77% vs 21.6m bpd pre-war in Q4 2025
IRGC tankers destroyed Sep 20268 total3 on Sep 5, then 5 on Sep 8–9
Iranian missiles intercepted over Jordan18 of 202 fell in unpopulated areas; no US casualties

What happened

Brent crude (BZ=F) rose 1.9% to $107.72 on Wednesday as Iran fired missiles at US carriers and CENTCOM sank five Iranian tankers, cutting Hormuz ship crossings to a record low of 6 per day. The five vessels — M/T Kaviz, M/T Charminar, M/T Horizon 1, M/T Riesco, and M/T Derya — were IRGC shadow-fleet tankers used to generate billions in oil revenue for Tehran. Iran responded by firing 20 ballistic missiles at a US air base in Jordan; Jordanian defenses intercepted 18 and no casualties were reported on either side. Brent has now risen 62% since January 2026, when it traded at $66.60, as the six-month conflict has steadily strangled Persian Gulf oil supply.

Why it matters

Brent crude is the world's main oil price benchmark, so when it rises 62% in nine months, consumers and businesses everywhere pay more — fuel, airfares, and heating bills all go up. The Strait of Hormuz handled roughly 20% of global oil before the war; at 6 ships a day it is nearly closed, forcing oil to take longer, costlier detours around Africa. Goldman Sachs has warned prices could top $120 in 2027 if Gulf output stays depressed.

Who this affects

Marketmixed
High impact
Energy bulls gain; oil-importing economies face rising inflation.
Companybearish
High impact
IRGC loses shadow-fleet revenue; Western energy majors gain.
Competitorsbullish
Medium impact
WTI and LNG exporters gain as buyers seek alternate supply.
Industrybearish
High impact
Global shipping reroutes at cost; Hormuz effectively closed to commerce.

Brent vs WTI, Henry Hub Natural Gas

Brent crudeBZ:CME$107.72/bbl+1.9%+6.4%+62%
WTI crudeCL:CME$104.79/bbl+2.0%+8.9%—
Henry Hub gasNG:CME$2.92/MMBtu+1.4%+1.7%—

As of 2026-09-16

How we got here

  1. Iran closes Strait of Hormuz; pre-war throughput was 21.6m bpd

  2. US naval blockade imposed after Islamabad ceasefire talks collapse

  3. Iran fires missiles at US carrier; CENTCOM destroys three IRGC tankers

  4. Iran fires again; CENTCOM sinks five named tankers; Iran retaliates against Jordan

  5. Brent tops $107.63, up 6.3% in a single trading session

What to watch

  • Whether Iran escalates to a direct carrier-deck strike with its next salvoongoing
  • OPEC+ emergency meeting possible if Hormuz throughput stays below 5m bpdQ4 2026
  • Hormuz ceasefire diplomacy; Islamabad II talks not yet scheduledQ4 2026

Educational content only. Not investment advice.

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