Iran Hormuz restrictions send Brent above $98 as transit falls 60%

  • Iran plans a maritime exclusion zone toward the Strait of Hormuz while pursuing an alternative corridor with Oman.
  • WTI rose 2% to $93.31 a barrel and Brent gained 1% to $98.07 amid supply-disruption concerns.
  • Oil transit through the strait has fallen about 60% from prewar levels as the U.S.-Iran military standoff continues.

Iran plans a maritime exclusion zone extending from the existing U.S. naval blockade around Iranian ports toward the Strait of Hormuz, potentially placing vessels seeking to transit on an Iranian sanctions list. The measure, announced on state television on September 6, 2026, came as military tensions with the United States intensified and oil transit through the waterway fell about 60% from prewar levels. Iran also said it was finalizing an alternative corridor through Iranian and Omani territorial waters. WTI rose 2% to $93.31 a barrel and Brent gained 1% to a high of $98.07 on September 8, according to the newer account. Accounts differ on whether Mohsen Rezaei or Ali Shamkhani was secretary of Iran’s Supreme National Security Council at the time of the announcement.

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