New York – September 16, 2026 -- Brent crude settled at $101.21 a barrel on September 9, its highest close since May 22, after a 3.4% gain as fighting between the United States and Iran escalated in the Persian Gulf, while West Texas Intermediate settled at $96.05. Roughly a fifth of the world's seaborne crude normally transits the Strait of Hormuz, and the market is now pricing the risk that it will not.