Key TakeawaysBrent crude surpassed $100 per barrel for the first time since late July following escalating U.S.-Iran military confrontationsFive Iranian oil tankers were reportedly sunk by U.S. forces; Iran retaliated by striking 10 vessels near the Strait of HormuzOil transit through the Strait of Hormuz has plummeted to under 2 million barrels daily, down from 8-9 million bpd prior to renewed hostilitiesHouthi forces from Yemen targeted Saudi Arabian energy facilities this week, hitting the Jizan refinery among other installationsInternational energy stockpiles declined by 69 million barrels during July, while the IEA documented 8.3 million bpd of Middle Eastern production shutdownsBrent crude surged past the $100 per barrel threshold on Wednesday following intensified military exchanges between U.S. and Iranian forces, heightening concerns over sustained oil supply constraints. West Texas Intermediate followed suit, climbing to approximately $96 per barrel.Brent Crude Oil Last Day Financial Futures (BZ=F)The most recent escalation involved Iranian attacks on 10 vessels operating in and around the strategic Strait of Hormuz. U.S. military forces retaliated by destroying five Iranian oil tankers operating in Persian Gulf waters. Iran subsequently launched strikes against a U.S. military installation in Jordan.Oil transportation through the Strait of Hormuz has experienced a dramatic collapse. Prior to the resumption of military operations, daily crude shipments averaged between 8 and 9 million barrels. Current volumes have contracted to less than 2 million barrels per day, based on Rystad Energy statistics reported by Reuters.JUST IN: Trump says gasoline will fall BELOW $2 a gallon "right after the election" as oil trades above $100."Oil prices are going to be tumbling downward.""For gasoline, we'll get 'em below $2 a gallon."Gas is currently $4.22 a gallon, with diesel at a record $5.94, per… pic.twitter.com/9qkXWE8fSR— Coin Bureau (@coinbureau) September 10, 2026Maritime tracking company Kpler reports that zero very large crude carriers have successfully transited the strait since September 2.Alternative Supply Corridors Face Mounting ThreatsSeveral Middle Eastern oil producers have redirected crude shipments through pipeline infrastructure to export terminals beyond the Hormuz chokepoint. The United Arab Emirates has activated a pipeline route to Fujairah port. Iraqi crude now flows through pipeline networks to Turkish ports. Saudi Arabia has reversed its East-West pipeline flows to access the Red Sea terminal at Yanbu.These backup transportation routes now face their own security challenges. Iran-backed Houthi militants operating from Yemen launched attacks against Saudi energy infrastructure during the past week. The most recent assault targeted the Jizan refinery complex. Additional refining facilities across the Arabian Peninsula have similarly experienced attacks.Energy analysts at ANZ stated in a research brief that the ongoing cycle of retaliatory strikes indicates Persian Gulf oil shipments will likely face continued disruption for an extended period.Global Stockpiles Declining as Conflict ContinuesThe International Energy Agency’s most recent monthly assessment indicated that 8.3 million barrels per day of Middle Eastern crude production remained offline through July. Worldwide petroleum inventories contracted by 69 million barrels during the same timeframe, representing an average daily withdrawal of 2.7 million barrels.Multiple physical crude pricing benchmarks have already exceeded $100. Murban crude, DME Oman, the OPEC reference basket, and the Indian crude basket are all currently trading above this threshold. Brent futures contracts have now crossed into triple-digit territory as well.President Trump informed the media on Wednesday that the military conflict would conclude following November’s midterm elections. Conversely, a Wall Street Journal investigation revealed that Trump’s senior advisers have cautioned the confrontation may persist throughout the remainder of his presidential term.No active peace discussions between Washington and Tehran have been reported. Crude oil consumption traditionally increases during the year’s fourth quarter, potentially driving prices even higher if supply constraints persist.Brent crude was valued at $101.22 per barrel during Thursday morning trading sessions.The post Oil Prices Breach $100 Mark as Middle East Tensions Escalate Supply Crisis appeared first on Blockonomi.