Oil Prices Surge 3% on Saudi Pipeline Shutdown and Gulf Attacks

Oil prices surged about 3% on Monday, September 14, 2026, as new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the temporary closure of a critical Saudi oil pipeline. Brent crude futures rose to around $107.54 per barrel, while West Texas Intermediate climbed to about $102.93 per barrel. The price jump was driven by a series of escalating events over the weekend. Saudi Arabia's East-West oil pipeline, a key artery that allows the kingdom to bypass the Strait of Hormuz, was temporarily shut after a drone attack. Saudi officials confirmed the shutdown, which threatens up to 4% of global oil supply. Industry sources indicated that the port of Yanbu on the Red Sea, which receives oil rerouted from the pipeline, had inventory to cover just five to seven days of exports. Simultaneously, Yemen's Houthi forces launched attacks on Saudi territory, with state media showing damage to homes and a mosque in the southern Jazan province. The Houthis also claimed to have struck a Saudi military base.