Global oil prices rose more than 2% on Monday, September 14, 2026, following a series of strikes on Saudi Arabian energy infrastructure and commercial vessels in the Middle East. Brent crude futures increased by $2.11 to $106.72 per barrel, while West Texas Intermediate (WTI) futures rose $2.10 to $102.15 per barrel. These gains follow a week in which prices surged 8% and rose above $100 for the first time since July.
The price increase follows the temporary shutdown of Saudi Arabia's East-West oil pipeline after a drone attack. Saudi officials reported the closure of the line, which allows exports to bypass the Strait of Hormuz. On Sunday, September 13, Saudi state media reported a Houthi attack on the southern Jazan province, while the UK Maritime Trade Operations (UKMTO) reported a vessel was struck by a projectile in the Strait of Hormuz. Iran also reported one person was killed and four crew wounded after an Iranian commercial vessel was struck off its coast.
Tensions have intensified at other maritime chokepoints. On Friday, September 11, Iran-aligned Houthi forces reached Perim Island, located at the mouth of the Bab el-Mandeb strait. Additionally, Omani Foreign Minister Badr Albusaidi announced that a scheduled Monday meeting between Gulf countries and Iran to discuss a Strait of Hormuz proposal has been postponed. These developments occur six months into a war launched by the United States and Israel, following the collapse of a June interim agreement.
The immediate outlook for energy prices depends on the duration of the pipeline repairs and the security of shipping routes. While ING commodity strategists noted it is currently unclear how long the East-West pipeline will be out of action, the postponement of diplomatic talks in Oman suggests a lack of immediate resolution. Market participants are also awaiting U.S. supply data, as preliminary polls suggest U.S. crude oil stockpiles may have fallen last week.
What happens next: The Saudi government has not provided a specific date for the reopening of the East-West pipeline. Diplomats have not yet announced a new date for the postponed meeting in Oman. Investors will be monitoring U.S. inventory reports and further developments near the Bab el-Mandeb and Hormuz straits.