What happened in this Finance story?

Oil prices climbed toward $100 a barrel on Monday as tit-for-tat U.S. and Iranian strikes on vessels in the Strait of Hormuz and other areas kept crude flows through the Middle East severely restricted.

What is a key fact in this story? (1)

**Brent crude** rose 1.2% to $97.47 a barrel Monday, hitting $97.93 earlier, its highest since July 24, while **WTI** hovered at $92.26, with Brent up roughly 8% and WTI nearly 10% last week after attacks resumed.

What is a key fact in this story? (2)

**U.S. Central Command** said American forces struck three Iranian oil tankers Saturday, including one off Kharg Island, an Iranian oil export hub, while **Iran's IRGC** claimed it targeted three tankers in unauthorized routes through the Strait of Hormuz and three U.S.-linked vessels elsewhere.

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Oil Near $100 as US-Iran Strikes Cripple Hormuz Traffic — SkimNews

By Google News Business · Summarized & edited by Kapil Samant · 2026-09-07

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Brent crude rose 1.2% to $97.47 a barrel Monday, hitting $97.93 earlier, its highest since July 24, while WTI hovered at $92.26, with Brent up roughly 8% and WTI nearly 10% last week after attacks resumed.
U.S. Central Command said American forces struck three Iranian oil tankers Saturday, including one off Kharg Island, an Iranian oil export hub, while Iran's IRGC claimed it targeted three tankers in unauthorized routes through the Strait of Hormuz and three U.S.-linked vessels elsewhere.
Saudi Aramco's Jazan oil refinery was attacked Monday with damage being assessed, according to the Financial Times citing two sources; a week earlier Iran struck a Saudi-owned tanker, killing two seafarers, and Oman evacuated 16 crew members Monday.
Kpler shipping data showed an average of just 10 commodity ships per day transited the Strait of Hormuz over the past 10 days, the lowest since May, with maritime intelligence firm Marisks calling Saturday's attacks a "major escalation."
Iran's Supreme National Security Council secretary Mohsen Rezaei said a restricted zone will be announced outside the Strait of Hormuz in the coming days, and Goldman Sachs warned oil could rally to $120 a barrel if attacks on shipping rise.
OPEC+ held October oil output policy unchanged at a Sunday meeting, citing the need to agree on new quotas before deciding next output steps.

Why it matters: Tanker traffic through the Strait of Hormuz has fallen to its lowest level since May — averaging just 10 ships per day — and Goldman Sachs projects a possible $120-a-barrel ceiling if attacks escalate. The shipping squeeze now directly hits Gulf state infrastructure, with Saudi Aramco's Jazan refinery struck Monday, broadening the conflict beyond tankers and tightening physical supply constraints that no OPEC+ production tweak can quickly offset.