Oil – Relief Through “Dark Transits”?
The price of Brent crude oil has risen sharply as a result of the recent hostilities in the Strait of Hormuz.
Commerzbank Economic Research
09/11/2026
The situation in the Strait of Hormuz escalates again
Since August 31, mutual military attacks between the U.S. and Iran have increased significantly once again. While Iran is stepping up attacks on ships in the Strait of Hormuz and U.S. military bases in the region, the U.S. is striking targets along the Iranian coast as well as oil tankers flying an Iranian flag. As a result, the price of oil jumped to just above 100 U.S. dollars per barrel.
This renewed confrontation makes a diplomatic solution to the conflict even less likely. The political landscape has also changed significantly since the "Memorandum of Understanding" was negotiated in June: In Tehran, hardliners surrounding Supreme Leader Mojtaba Khamenei and the leadership of the Revolutionary Guard are exerting ever-greater influence over the political landscape and are preventing a diplomatic rapprochement. For its part, the U.S. has lost interest in a “deal” because Iran had violated the framework agreement despite massive concessions by the U.S.
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