$107 OIL QUAKE: HOUTHI MISSILES HIT SAUDI LIFELINES, STRAIT OF HORMUZ BURNS
OIL MARKET IN TURMOIL
GREATRIBUNETVNEWS–Panic gripped the global oil market on Monday, September 14, 2026, as prices soared over 3% following a dangerous escalation in the Middle East.
Oil Market in Turmoil
The trigger: New Houthi strikes that forced the closure of Saudi Arabia’s critical East-West pipeline, coupled with Iranian attacks on vessels in the strategic Strait of Hormuz.Brent crude shot up $3.21 to $107.82 a barrel, while U.S. WTI crude surged $3.17 to $103.22 by 0340 GMT.
“This follows a step-up in attacks on Saudi Arabian energy infrastructure, including targeting the crucial east-west pipeline,” ING strategists said.
They added that it was unclear how severe any potential damage was or how long the pipeline would be out of action.
Saudi Arabia’s East-West oil pipeline was temporarily shut following a drone attack, Saudi officials told Reuters.
The shutdown of the pipeline, which helps Saudi Arabia avoid the Strait of Hormuz and re-route its exports, threatens up to 4% of global oil supply.
With the pipeline out of service, Yanbu has enough inventory to cover just five to seven days of exports, according to three industry sources familiar with Saudi Arabia’s exports.
Saudi Arabian state media on Sunday released video footage of damage to homes and a mosque from what it said was a Houthi attack on the country’s southern Jazan province. The Houthis said they had also struck a Saudi military base in a neighbouring province.
Meanwhile, a vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to be evacuated, the British maritime security agency UKMTO said on Sunday.
Iran said one person was killed and four crew were wounded aboard an Iranian commercial vessel struck off its coast.
Yemen’s Iran-aligned Houthis reached the strategic island of Perim on Friday, moving to tighten their control over the Bab el-Mandeb strait, another key oil transit lane that has been carrying 4%-5% of global supply in recent months.
Oil surged 8% higher last week due to the disruptions, rising above $100 for the first time since July.
Omani Foreign Minister Badr Albusaidi said on X on Sunday that a scheduled Monday meeting in Oman between Gulf countries and Iran to discuss the Strait of Hormuz had been postponed.
No peace talks have been held on the war, launched six months ago by the United States and Israel, since an interim agreement in June collapsed
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