Oil Prices Surge to $100 Amid Iran-US Tensions and Houthi Attacks
Translated & summarized from Vesty by baba
Global oil prices surpassed $100 per barrel for Brent crude amid escalating Iran-U.S. conflict and Houthi attacks on Saudi Arabia. The price surge follows U.S. destruction of Iranian tankers and Iranian missile strikes on U.S. bases in Jordan. The impact on Israeli gasoline prices will be delayed.
The story in 5 lines · by baba
- Brent crude oil reached $100 per barrel for the first time since July 2026.
- U.S. destroyed five Iranian oil tankers, leading to Iranian missile attacks on U.S. bases in Jordan.
- Houthi attacks on Saudi Arabia had previously caused a halt in energy facility operations.
- The rise in global oil prices will not immediately affect Israeli gasoline prices.
- Israeli gasoline prices are regulated by a formula based on Mediterranean refined gasoline costs.
Global oil prices climbed on Wednesday, September 9, reaching $100 per barrel for Brent crude for the first time since July 2026, driven by escalating conflict between Iran and the United States. West Texas Intermediate (WTI) crude traded around $94 per barrel, according to Ynet.
The price surge followed a night of heightened tensions. In the early hours of September 9, the U.S. Central Command (CENTCOM) reported destroying five Iranian oil tankers, four in the Gulf of Oman and one near Iran's Hark Island. CENTCOM released footage of the M/T Riesco tanker burning and sinking in the Gulf of Oman.
In retaliation, Iran launched an overnight attack on U.S. bases in Jordan, firing 20 ballistic missiles from its territory. Eighteen were intercepted, and two landed in unpopulated areas, with no reported casualties. Iran claimed to have targeted an air force base in Jordan and fired on two U.S. vessels and eight oil tankers in response to the destruction of its tankers, though these claims remain unconfirmed.
Global oil prices had already begun to rise prior to this escalation. On Tuesday, September 8, Houthi attacks on Saudi Arabia forced the kingdom to suspend operations at several energy facilities, with the Ministry of Energy confirming fires at multiple locations.
While global oil price increases typically lead to higher wholesale gasoline prices in Israel, the impact on the end consumer price is not immediate or direct. Israel's gasoline prices are influenced by various factors including refinery capacity, fuel reserves, seasonal demand, transportation costs, and supply disruptions. The final price also includes significant taxes, excise duties, and VAT. Israel's Ministry of Energy regulates the maximum price for 95-octane gasoline based on a formula tied to the price of refined gasoline in the Mediterranean region, not crude oil. The current price jump will not affect Israeli pump prices for September, as that price has already been set. Any impact on October prices will depend on whether oil and gasoline prices in the Mediterranean remain elevated by the end of September when the next calculation is made.
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