دبي – Oil prices climbed more than two percent during Monday’s trading session on September 14, 2026, recovering most of Friday’s losses. The rally continues a weekly gain streak as concerns over potential supply interruptions intensify across global markets.
Saudi Pipeline Closure Raises Supply Fears
New Houthi attacks on Saudi Arabia and Iranian strikes on vessels in the Gulf have exacerbated worries about energy flows. These incidents follow the temporary closure of a major Saudi oil pipeline between the East and West.
The Eastern-Western pipeline was shut down after a drone attack. This route allows Saudi Arabia to bypass the Strait of Hormuz and redirect exports. Its closure threatens up to four percent of global oil supplies.
Brent Futures Near $107 Mark
By 05:48 GMT, standard November 2026 Brent crude futures rose 1.97 percent to reach $106.67 per barrel. US West Texas Intermediate October 2026 contracts gained 2.05 percent, hitting $102.10 per barrel.
Data from Washington-based specialized energy platform tracked these figures in real time. Both benchmark crudes saw significant weekly gains, reflecting trader preparations for further supply disruptions amid ongoing regional hostilities.
Geopolitical Tensions Drive Market Volatility
Analysts noted that rising prices followed the escalation of attacks on Saudi energy infrastructure. It remains unclear how severe the damage is or how long the pipeline will remain offline. Yansae holds reserves sufficient for only five to seven days of exports.
Official Saudi media published footage on Sunday showing damage to homes and a mosque in Jazan province due to Houthi attacks. The Houthis also claimed targeting a military base in a neighboring governorate.
Strait of Hormuz Shipping Under Threat
A ship in the Strait of Hormuz was hit by a shell, causing a fire and forcing crew evacuation, according to the UK Maritime Trade Operations. Iran reported one death and four injuries on a commercial vessel attacked near its coast.
Houthis reached strategic Prime Island on Friday, strengthening control over the Bab el-Mandeb strait. This passage previously handled four to five percent of global supplies in recent months.
Diplomatic Talks Delayed Amid Conflict
Omani Foreign Minister Bader Al Busaidi announced that a scheduled meeting in Oman between Gulf states and Iran regarding the Strait of Hormuz has been postponed. No peace talks have occurred since the collapse of a June agreement.
The conflict, launched six months ago by the United States and Israel, continues without resolution. Traders remain cautious as geopolitical risks persist, keeping upward pressure on crude prices despite broader economic uncertainties.
This story was produced in the newsroom from the disclosed sources named above.
