Oil Prices Surge Above $100 as Middle East Shipping Risks Rise

In September 2026, oil prices climbed above $100 per barrel as tensions in the Middle East disrupted tanker traffic through the Strait of Hormuz. HSBC raised its 2026 Brent forecast to $90, and tanker rates hit record highs. U.S. crude inventories fell, while India called for a bigger biofuel push and Australia softened its gas reservation rule for LNG exporters. Enbridge agreed to buy Tallgrass's crude pipeline business for $2.55 billion, and global clean investment dropped 17% due to a pullback from China.