In the price and market structure bucket, Brent crude moved above $100 a barrel on September 9 as concern over Middle East supply intensified. The benchmark rose $2.15, or 2.2 percent, to $100.07 by 0721 GMT. West Texas Intermediate gained $1.70 to $94.73.
Brent has risen by a quarter since early August as hopes for a lasting end to the conflict between the United States and Iran have faded. The return above $100 marks its first breach of that level since July 24.
Attacks by Iran backed Houthis on Saudi energy facilities have added pressure beyond the Strait of Hormuz. The Red Sea has acted as an alternative route while crude flows through Hormuz remain restricted, so threats to both corridors raise the risk of further disruption.
For shipping and offshore operators, the issue is no longer the headline price alone. Route risk around Hormuz and the Red Sea is tightening the link between vessel movement, physical supply and crude pricing. Operators now have to watch transit conditions and market exposure together.