Business & Finance
Crude oil benchmarks climb following military strikes near Strait of Hormuz
Brent and WTI crude prices increased after exchanges of fire between US forces and Iran disrupted maritime traffic.
The short version
- Brent crude approached $97 per barrel and US West Texas Intermediate reached a near six-week high of $92.27 following US-Iran military exchanges.[CNBC · Al Jazeera]
- US Central Command reported targeting three Iranian oil tankers after missile fire on Navy warships, prompting Iran to accuse the US of war crimes.[CNBC]
- Commercial movement across the Strait of Hormuz declined to an average of 10 commodity vessels daily over a 10-day period.[Al Jazeera]
- Goldman Sachs raised its price forecasts for Brent and WTI to $85 and $80 per barrel for December 2026.[CNBC]
Key facts
- Brent oil futures reached around $97 a barrel on Monday, while US West Texas Intermediate rose to $92.27 a barrel, a near six-week high.[Al Jazeera]
- US Central Command stated American forces struck three Iranian oil tankers on Saturday following Iranian missile launches at two US Navy warships.[CNBC]
- Iran's Foreign Ministry condemned the strikes against commercial vessels as economic warfare and a war crime.[CNBC]
- Traffic through the Strait of Hormuz fell to a 10-day average of 10 commodity vessels per day.[Al Jazeera]
- Saudi Aramco's Jizan facilities were reportedly hit in strikes for the second time in a month.[Al Jazeera]
- Goldman Sachs increased its December 2026 price estimates to $85 per barrel for Brent and $80 for WTI.[CNBC]
What remains uncertain
- Responsibility for the reported strikes on Saudi Aramco's Jizan facilities and the extent of any resulting damage have not been independently confirmed.[CNBC · Al Jazeera]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.