Oil Prices Remain Above $100 Amid Hormuz Tensions

Sep 13, 2026

72 min

Sep 13, 2026 23:31

Oil prices ease but remain above $100 as Hormuz risks persist

## Market Overview

Oil prices have eased slightly but continue to hover above $100 per barrel due to ongoing tensions in the Strait of Hormuz. Recent attacks on vessels and a temporary shutdown of a major Saudi pipeline have kept supply concerns high.

## Recent Incidents

The UK Maritime Trade Operations reported a projectile hitting a vessel in the Strait, though details are scarce. Iranian media also reported an attack on an Iranian commercial ship near Qeshm Island, resulting in casualties. These incidents follow a drone attack that led Saudi Arabia to temporarily close its East-West pipeline.

## Price Movements

West Texas Intermediate crude is priced at $100.00 a barrel, down 2.37%, while Brent crude stands at $104.60, down 2.81%. Despite these declines, both benchmarks saw over 8% gains last week.

## Diplomatic Efforts

Talks are expected between Iranian and Gulf Arab officials in Oman to discuss shipping routes through the Strait. However, Iran has set conditions for reopening the waterway, which the US opposes, particularly regarding Iranian control and fees.

## Natural Gas Stability

Natural gas prices have remained relatively stable, with minimal impact from the maritime incidents. The focus remains on domestic factors like production and demand.

## Future Outlook

The direction of oil prices will depend on the outcome of diplomatic talks, the continuation of attacks, and Iran's stance on Hormuz. A successful agreement could lower prices, but further disruptions may push them higher.

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