Brent crude reached $102.05 per barrel on the morning of September 9, up $2.20 from the previous session and about $35 above its level a year earlier. The move took oil above $100 for the first time since late July as the US-Iran conflict and related attacks continued to disrupt supply routes. Strait of Hormuz transit volumes have fallen to around 2 million barrels per day from 8 million to 9 million before the late-August escalation. US forces targeted five Iranian oil tankers, Iran launched missile strikes toward Jordan, and Iranian-aligned Houthi militias attacked Saudi energy facilities, causing casualties and significant damage. Brent has risen approximately 25% since early August and more than 60% year to date, prompting Goldman Sachs, HSBC, and Morgan Stanley to raise their price forecasts. Higher crude costs threaten to feed through transportation, petrochemicals, plastics, agriculture, and consumer inflation, particularly in energy-importing countries such as Japan, South Korea, and India. Traders are watching for renewed diplomacy around the Strait of Hormuz and an OPEC+ response, including whether members with spare capacity can replace lost Iranian and transit volumes.