Oil prices settle higher after Middle East strikes stoke supply fears

Oil prices settled about 1 percent higher on Monday, September 14, 2026, after a sharp intraday surge driven by escalating Middle East tensions that threatened global energy supplies. Brent crude futures rose $1.07 to settle at $105.68 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.34 to settle at $101.39. Both benchmarks had jumped nearly 5 percent earlier in the session before retreating after U.S. President Donald Trump stated that Iran wanted to reach a deal with Washington. The price spike was fueled by a series of attacks on Saudi Arabian energy infrastructure and disruptions to shipping lanes. Yemen's Iran-aligned Houthi forces launched a new assault on Saudi Arabia, claiming to have fired dozens of missiles and drones at a military airbase in Khamis Mushait. The group said the attack targeted aircraft hangars, radar systems, runways, and ammunition depots in retaliation for Saudi airstrikes in Yemen. A separate attack on Friday, which Riyadh blamed on Iran-backed fighters in Iraq, knocked out Saudi Arabia's critical east-west pipeline.