Oil gains about 1% on September 14 after Saudi strikes fuel supply fears
Strait of Hormuz traffic falls below 10 commodity vessels a day, while three sources say Saudi Arabia’s Yanbu stocks cover five to seven days of exports
- Oil prices, including Brent and WTI crude, rose by about 1% on September 14 due to growing concerns over the stability of global energy supplies.
- A key trigger was an attack on Saudi Arabia's East-West pipeline, which threatened up to 4% of the world's oil supply and disrupted a major export route.
- Supply fears were further intensified by a separate Houthi missile and drone attack on a Saudi airbase and the postponement of diplomatic talks between Gulf states and Iran.
Brent and US crude futures settled about 1% higher on Monday (September 14, 2026), with fresh strikes on Saudi Arabian energy infrastructure and attacks on Middle Eastern shipping intensifying concerns over global supplies.
Brent crude futures gained US$1.07, or 1.0%, to close at US$105.68 a barrel on September 14. US West Texas Intermediate (WTI) crude added US$1.34, or 1.3%, to settle at US$101.39 a barrel.
Brent and WTI had both climbed almost 5% during the September 14 session before surrendering most of their gains after US President Donald Trump said Iran wanted to reach an agreement with Washington.
Saudi pipeline outage leaves Yanbu reliant on stocks
Saudi Arabia’s East-West pipeline outage has left the Red Sea port of Yanbu dependent on stored oil. Three industry sources cited by Reuters estimated that the stocks could sustain exports for five to seven days.
An attack on September 11 disabled Saudi Arabia’s East-West pipeline, which enables Gulf oil exports to bypass the blockaded Strait of Hormuz. Riyadh blamed Iran-backed fighters in Iraq for the strike, which threatened up to 4% of global oil supply.
Preliminary ship-tracking data on September 14 showed fewer than 10 commodity vessels a day crossed the Strait of Hormuz over the weekend, compared with a 10-day average of 14 daily transits. About a fifth of global oil supplies passed through the strait before the United States and Israel attacked Iran in late February.
Houthis claim missile and drone attack on Saudi airbase
Yemen’s Iran-backed Houthis said they fired dozens of missiles and drones at a military airbase in Khamis Mushait in southern Saudi Arabia on September 14. The Houthis said they targeted aircraft hangars, radar systems, runways and ammunition depots in retaliation for Saudi airstrikes in Yemen.
The Houthis have made rapid territorial gains in Yemen in recent days, including capturing Perim Island at the mouth of the Red Sea on September 11..
Gulf Arab states postponed planned talks with Iran, Reuters reported, adding to concerns that the Middle East conflict could spread further and threaten global oil supplies.
Trump says Russia and Ukraine agreed to halt energy strikes
US President Donald Trump also said Russia and Ukraine had agreed not to attack each other’s energy targets. Ukrainian strikes on Russian energy infrastructure during the previous week had helped drive average US diesel prices to record highs.
An agreement to end the Russia–Ukraine war could allow Russia to increase energy exports. Russia, a member of OPEC+, the alliance of the Organization of the Petroleum Exporting Countries and other producers, ranked as the world’s third-largest crude producer in 2025 behind the United States and Saudi Arabia, according to US energy data.
Investors expect Fed rate rise on September 16
Investors were betting that the US Federal Reserve would raise its benchmark interest rate by a quarter of a percentage point to a range of 3.75%–4.00% on Wednesday (September 16), and signal further tightening
Federal Reserve chair Kevin Warsh is reluctant to offer guidance on the future path of interest rates. Investors nevertheless expected increases because of elevated inflation, oil above US$100 a barrel, and Warsh’s emphasis on price stability and signals from financial market pricing.
Expectations of higher US interest rates also weighed on oil prices on September 14. Higher rates increase consumer borrowing costs and can slow economic growth and reduce demand for energy.
