Brent oil drops below $100 as Iran offers to reopen Strait of Hormuz

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Brent oil drops below $100 as Iran offers to reopen Strait of Hormuz

Crude oil all time high predictions

by
Estefano Gomez

Sep. 22, 2026

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Photo by Jan Zakelj

Brent crude oil prices have dipped below $100 per barrel following Iran’s offer to reopen the Strait of Hormuz if the United States lifts its blockade and halts military actions. This development could significantly impact global oil supply, as the Strait of Hormuz is a crucial transit point for roughly a quarter of the world’s seaborne oil trade. In response, markets suggest a decrease in the likelihood of Brent crude reaching a new all-time high by the end of September. The current pricing is consistent with scenarios of increased oil supply and price stabilization.

The prediction market for Brent crude oil reaching a new all-time high by September 30 has observed a decrease to 0.5% YES, down from 1% just a day ago. Similarly, the December 31 market has also seen a reduction in the YES probability, now at 10.5%, falling from 12% over the same period. Key actors such as Mohammad Sanusi Barkindo of OPEC and Fatih Birol of the IEA are closely monitoring these developments, as geopolitical stability in the Middle East could further influence market expectations.

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The potential reopening of the Strait of Hormuz appears to be a pivotal factor in the current market sentiment, with pricing indicating that participants view increased oil supply as a likely scenario. This news follows reports of other geopolitical and supply-related events, such as OPEC’s production decisions and US sanctions, which continue to shape market dynamics.

Key Takeaways

• The fall in Brent oil prices below $100 suggests that markets view Iran’s offer to reopen the Strait of Hormuz as a key factor in increased oil supply.
• Market pricing for crude oil reaching a new all-time high by September 30 has decreased to 0.5% YES, reflecting reduced expectations for a price surge.
• The December 31 prediction market also shows a decline in YES probability, now at 10.5%, indicating market confidence in price stabilization.

What to Watch

Observers will be closely monitoring any official response from the United States regarding Iran’s offer to reopen the Strait of Hormuz. Developments here could further influence market pricing and expectations. Additionally, statements from OPEC and other key energy organizations could provide further indications of future oil supply trends. Any geopolitical shifts or changes in sanctions affecting oil supply routes will also be critical to watch for potential impacts on market sentiment.

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Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.