Global crude oil prices spiked by over 2% on Monday (September 14, 2026) as mounting conflict in the Middle East sparked severe concerns regarding international energy supplies. Escalating attacks by Houthi forces targeting Saudi Arabia and fresh maritime incidents in the Persian Gulf triggered market volatility, pushing benchmark crude prices further past the $100 per barrel threshold.
Following the shutdown of Saudi Arabia’s vital East-West oil pipeline, global supply risk premiums mounted. International benchmark Brent crude rose by $2.90, or 2.77%, to settle at $107.51 per barrel. Simultaneously, West Texas Intermediate (WTI) crude climbed $2.27, or 2.27%, to $102.32 per barrel, with both benchmarks posting intra-day gains exceeding 3% shortly after market open.
Tensions escalated over the weekend as Saudi state media broadcast footage of damage caused by Houthi strikes in the southern Jazan province, while Houthi forces claimed attacks on a neighboring Saudi military base. Concurrently, the UK Maritime Trade Operations (UKMTO) reported a vessel ablaze in the Strait of Hormuz following a projectile strike. Iranian authorities confirmed a commercial vessel attack off their coastline resulting in one fatality and four injured crew members.
The closure of Saudi Arabia’s East-West pipeline—a primary bypass around the Strait of Hormuz—jeopardizes approximately 4% of total global oil supply. Furthermore, Houthi advancements onto the strategic Perim Island threaten the Bab el-Mandeb strait, a bottleneck responsible for 4% to 5% of global maritime oil transit. Combined with the cancellation of scheduled Gulf-Iran diplomatic talks in Oman, market analysts warn that unresolved supply bottlenecks could push crude prices beyond the previous March high of $119.48 per barrel.
