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Brent Crude Surges Above $105 Amid Middle East Supply Fears
Oil prices rose sharply because fighting and attacks are making it harder to move oil through important waterways.
Brent crude, a major oil price measure, climbed above $105 per barrel.
West Texas Intermediate also became more expensive.
Yemeni government sources said Houthi militants took control of Mocha near the Bab el-Mandeb Strait.
Tanker attacks and restrictions around the Strait of Hormuz added to fears about oil supplies.
Saudi Arabia also reported that its oil production had fallen significantly.
These disruptions could make fuel more expensive and increase pressure on household budgets.
The Organization of the Petroleum Exporting Countries also reduced its forecast for oil-demand growth in 2026.
Brent crude rose nearly $5 to about $106 a barrel, its highest level since May 22.
West Texas Intermediate gained $4.50 to reach $95.39 a barrel.
Houthi militants reportedly seized Yemen’s Red Sea city of Mocha, increasing concerns around the Bab el-Mandeb Strait.
Saudi Arabia reported a 1.9-million-barrel-per-day production drop to 6.238 million barrels per day.
The Organization of the Petroleum Exporting Countries lowered its 2026 global oil-demand growth forecast to 380,000 barrels per day.
- Who
- Houthi militants, Saudi Arabia, Iran, the United States, and the Organization of the Petroleum Exporting Countries were central to the reported developments.
- What
- Oil prices surged as tanker attacks, shipping disruptions, and a sharp decline in Saudi oil production raised concerns about global supplies.
- Where
- The disruptions affected shipping routes around Yemen’s Red Sea coast, the Bab el-Mandeb Strait, the Persian Gulf, and the Strait of Hormuz.
- When
- Thursday, September 10; the article also describes developments and price swings during the preceding months.
- Why
- Markets feared that fighting and restricted shipping would reduce the availability of oil and raise fuel costs.
Key facts
- Brent crude
- Rose nearly $5 to around $106 per barrel, its highest level since May 22.
- West Texas Intermediate
- Rose $4.50 to $95.39 per barrel.
- Saudi oil production
- Fell by 1.9 million barrels per day to 6.238 million barrels per day, according to Saudi Arabia’s report to OPEC.
- Saudi crude exports
- Bloomberg tanker-tracking data indicated exports fell by about one-third in August to roughly 3 million barrels per day.
- OPEC 2026 demand forecast
- World oil-demand growth was lowered to 380,000 barrels per day, the fifth consecutive downward revision.
- Strait of Hormuz
- About one-fifth of the world’s oil supply passed through the waterway before the war began, according to the article.
Sources
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