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Brent crude tops $100, US diesel hits record high
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On September 9, 2026, Brent crude oil settled at $101.21 per barrel, the first time above $100 since July, driven by escalating military conflict in the Middle East. U.S. light sweet crude rose to $96.40. The national average gasoline price reached $4.24 per gallon, up 3.8% since Labor Day weekend, while diesel hit an all-time high of $5.924 per gallon, up 66.6% for the year. The surge is directly linked to U.S. attacks on Iran's Kharg Island oil port, Iranian missile strikes on U.S. forces in Jordan, Houthi shelling of Saudi energy facilities, and severely reduced crude shipments through the Strait of Hormuz. Chinese refiners' active buying also contributed. Energy stocks rose 1% but broader markets fell: the Dow dropped 405 points to 52,381, the S&P 500 slipped 0.5% to 7,636, and the Nasdaq fell 0.6% to 25,253. Analyst Mark Malek described the situation as a multi-front 'Hormuz Superstorm,' while John Kilduff noted a future ceasefire could flood markets with supply.
Source report
Author: Daniel Kline Source: TheStreet Reading Time: 4 min
It is getting ugly in the global oil markets — and increasingly ugly when you pull into a gas station.
Brent crude, the global benchmark, topped $100 per 42-gallon barrel on September 9 for the first time since July, while retail gasoline prices rose rapidly — about 4% since August 31 alone.
The rapid rise in crude prices, driven entirely by continued violence in the Middle East, also pushed stock prices down for a second day this week and may affect remarks made by President Donald Trump at his mini-campaign event in Dallas on September 9 and 10.
Brent's Rise to $101
Brent crude settled at $101.21 in London trading, up 3.4% on the day and up 66% on the year, according to Wall Street Journal data. Not only did Brent top $100, but the price was the highest settlement for the contract since May 19, when it finished at $104.15.
Light sweet crude, the U.S. benchmark, rose 3.6% to $96.40 a barrel — its highest close since May 22, when it settled at $96.60.
At the gas pump:
- GasBuddy.com reported the U.S. national average at $4.24 per gallon, up nearly 1% on the day and 3.8% since September 6 (Labor Day weekend).
- The national price remains 7.1% below GasBuddy's peak of $4.566 per gallon, reached on May 6 and May 20.
- AAA Fuel Prices put its national average at $4.2245 per gallon, up 1.8% from September 8 and up 3.5% in September.
- That price is still 7.4% below its May peak and 15.8% below AAA's all-time high of $5.0165 per gallon, set in June 2022.
Diesel fuel reached an all-time national high of $5.924 per gallon on September 9, up 66.6% for the year, according to AAA data. This is particularly damaging for truckers moving goods across the country and farmers now in the midst of fall harvests.
Why Oil Prices Are Rising
The surge in energy prices is directly linked to increasing military action in the Persian Gulf, including:
- September 8: The United States launched attacks on Kharg Island, the key Iranian oil port, and destroyed five Iranian crude oil tankers.
- September 7: Iran launched missiles at American forces based in Jordan.
- Houthi rebels based in Yemen shelled multiple energy facilities inside Saudi Arabia.
- Crude oil shipments from the Strait of Hormuz — through which some 20% of crude passed before this year's U.S.-Israel-Iran war — are running at extremely low levels.
A fifth factor pushing oil higher: Chinese refiners have been actively buying oil wherever they can, energy trader John Kilduff told TheStreet. The main reasons are huge Chinese demand and massive profit margins for refiners worldwide.
Oil Turmoil Pushes Stocks Lower Again
Energy stocks were broadly higher. The S&P 500's energy sector rose 1%, alone among the 11 sectors in the index.
All of this turmoil pushed stocks lower on September 9, including Apple (AAPL), which introduced a new line of iPhones. Apple shares slipped to $315.34.
Market performance on September 9:
- Dow Jones Industrial Average: Fell 405 points, or 0.8%, to 52,381.
- S&P 500 Index: Slipped 0.5% to 7,636.
- Nasdaq Composite: Fell 0.6% to 25,253.
Key takeaways from the September 9 oil turmoil:
"It's a good reminder that the Hormuz Superstorm was never a single-front weather system. This thing has bands." — Mark Malek, Chief Investment Officer at Siebert Financial, New York
Stocks remain relatively near their highs. The S&P 500 may have suffered a third straight loss, but it is down just 2.3% from its all-time high of 7,718, reached on August 13.
At the same time, Kilduff noted, there will be a ceasefire of some sort someday. When that day comes, global oil markets will be flooded with crude, gasoline, and diesel.
More Oil & Gas:
- Goldman Sachs doubles down on oil price forecast for 2026
- Is Trump's big, splashy Venezuela oil deal real?
- Setting the Stage for Stagflation?
Source
Yahoo FinanceWestern