Daily Market Wrap — 2026-09-11

Oil markets surged today as the Strait of Hormuz remained closed, intensifying Middle East conflict fears and pushing Brent crude past $107 and WTI over $102. Brent settled at $107.63, a 6.34% increase, while WTI climbed 6.69% to $102.48. The global Disruption Index held steady at 99, reflecting sustained high geopolitical risk. The closure of the Strait of Hormuz, a critical chokepoint for global oil shipments, was confirmed by the StraitsHormuz Live Monitor amid escalating exchanges between the US and Iran, which included tanker and military target attacks, reported by CBS News.

Further exacerbating supply concerns, Yemen's Houthi rebels seized the key Red Sea port of Mokha, threatening the Bab el-Mandeb Strait, another vital shipping lane. This move, reported by BILYONARYO Business, signals potential for broader maritime disruption. Concurrently, Ukrainian strikes continue to drive Russia's oil product exports to record lows, as noted by CREA, tightening global supply further. The U.S. Strategic Petroleum Reserve's depletion adds to volatility concerns. Tomorrow, markets will closely watch for any developments regarding the Strait of Hormuz and potential international responses to the Houthi rebel actions.

Price snapshot

Top movers

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Related news

• Brent Crude Surges Past $105, WTI Tops $100 Amid Middle East Conflict — Global oil benchmarks Brent and WTI crude have surged, with Brent surpassing $105 per barrel and WTI topping $100, reaching multi-month highs. The price hike is a direct consequence of escalating US-Iran hostilities and severe shipping disruptions in the Strait of Hormuz.
• Yemen's Houthi Rebels Seize Key Red Sea Port of Mokha, Threatening Bab el-Mandeb Strait — Iranian-backed Houthi rebels have seized control of the strategic Red Sea port city of Mokha in Yemen. This development could enable the Houthis to more easily target ships transiting the Bab el-Mandeb Strait, a crucial waterway for Saudi Arabian oil exports. The seizure raises concerns about additional disruptions to global energy flows, complementing the crisis in the Strait of Hormuz.
• Ukrainian Strikes Drive Russia's Oil Product Exports to Record Lows — Ukrainian drone attacks on Russian terminals and refining capacity have caused Russia's oil product export revenues and volumes to fall to record lows in August 2026. This disruption has forced Russia, once a major exporter, to import fuels from countries like South Korea and India.
• US and Iran Exchange Attacks on Tankers and Military Targets, Escalating Middle East Conflict — The United States and Iran have engaged in a significant exchange of attacks, with Iran claiming to have struck 10 ships near the Strait of Hormuz after the US sank five Iranian oil tankers. Iran also fired ballistic missiles at a US military base in Jordan, damaging several US fighter jets. The US Central Command reported redirecting 96 commercial vessels since July 14 as part of its blockade on the Strait of Hormuz.
• Strait of Hormuz Commercial Traffic Plummets Amid Extreme Restrictions — Commercial maritime traffic through the Strait of Hormuz faces extreme restrictions, with some reports indicating near-zero outbound movements over the past 72 hours and daily transits plummeting to historic lows of 2-7 vessels. War-risk insurance has made commercial transit effectively closed for most operators, with premiums at 40 times normal levels. This sustained cessation of outbound traffic poses a severe threat to global energy and commodity markets.
• U.S. SPR depletion threatens further oil price volatility — The depletion of the U.S. Strategic Petroleum Reserve (SPR) is posing a threat of further volatility in oil prices. This development adds another layer of uncertainty to an already tense global oil market.
• Drone Incident Briefly Halts Oil Loading at Russia's CPC Terminal — A drone incident near the Caspian Pipeline Consortium (CPC) terminal outside Novorossiysk briefly halted oil loading on September 8, highlighting Kazakhstan's dependence on this export route through Russia. Loading has since resumed, but the incident adds to previous disruptions in 2026.
• Houthi Forces Seize Red Sea Port of Mocha, Threatening Bab al-Mandab Shipping — Houthi forces have captured the Red Sea port of Mocha, a strategically located city on Yemen's Red Sea coast near the Bab al-Mandab strait. This development opens a second maritime choke point alongside the Strait of Hormuz, further threatening global energy supplies. The capture signifies a geographical expansion of the ongoing conflict.
• Israel Threatens "Unprecedented" Strikes on Iran's Energy Infrastructure — Israel's Defense Minister Israel Katz has warned that the country is prepared to launch "unprecedented" strikes on Iran's energy facilities if Israel is attacked. This threat comes as the conflict in the Middle East intensifies and spreads.
• Houthis Seize Red Sea Port of Mocha, Threatening Bab el-Mandeb Strait — Houthi forces have reportedly seized the strategic Red Sea port city of Mocha, expanding their control towards the Bab el-Mandeb Strait. This development creates a second critical maritime chokepoint, alongside the Strait of Hormuz, raising further concerns about global shipping security and energy supplies.
• UN Nuclear Watchdog Refers Iran to Security Council Over Non-Compliance — The International Atomic Energy Agency (IAEA) board of governors has voted to refer Iran to the UN Security Council for the first time in 20 years. This action is due to Iran's failure to comply with nuclear reporting obligations and grant inspectors access to sites, escalating diplomatic pressure on Tehran.
• Israeli Defense Minister Warns of Strikes on Iranian Energy Facilities — Israeli Defense Minister Israel Katz warned on Thursday, September 10, 2026, that Israel is prepared to strike Iran's energy infrastructure if Israel comes under fire. This threat comes as the war entered a new phase, with escalating US-Iran conflict and the UN nuclear watchdog referring Iran to the Security Council. Such a blow could set Iran back decades and further destabilize the government.

Frequently asked questions

What moved oil prices today?

WTI Crude led with a +6.69% move.

What is the current Strait of Hormuz status?

Oil prices surge as Strait of Hormuz remains closed amid US-Iran conflict

What is the Disruption Index?

Currently 99, up 0 vs prior reading.