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Oil Prices Surge After Houthi, Gulf Ship Strikes
Oil prices went up after several attacks near important oil routes.
Houthi forces were reported to have attacked parts of southern Saudi Arabia.
A ship in the Strait of Hormuz was also hit and caught fire.
The crew had to leave the ship.
Iranian authorities said one person died and either three or four crew members were hurt, according to differing reports.
Saudi Arabia also temporarily stopped its East-West oil pipeline after an earlier drone strike.
These events made traders worry that less oil could reach world markets.
A meeting in Oman that might have helped discuss the Strait of Hormuz was postponed.
Brent crude rose as much as $3.62, or 3.46%, to $108.23 per barrel, while WTI reached $103.20.
Prices later stood at $107.51 for Brent and $102.32 for WTI, after initially rising more than 3%.
Saudi state media reported damage to homes and a mosque in Jazan after an alleged Houthi attack.
A vessel in the Strait of Hormuz was hit by a projectile, causing a fire and crew evacuation; Iranian authorities reported one death and three or four injuries.
Saudi Arabia’s East-West pipeline was temporarily shut after a drone strike, while planned Oman talks on Hormuz were postponed.
- Who
- Houthi forces, Saudi Arabia, Iranian authorities, a commercial vessel’s crew, and market participants are involved in the reports.
- What
- Attacks on Saudi Arabia, a ship in the Strait of Hormuz, and Saudi Arabia’s East-West pipeline drove concerns about oil supplies and pushed prices higher.
- Where
- Saudi Arabia’s southern Jazan province and a neighboring province, the Strait of Hormuz, and Saudi Arabia’s Riyadh and Madinah regions.
- When
- The latest strikes occurred on Sunday, with oil prices rising at Monday’s market open; the reports were published September 14, 2026.
- Why
- Investors feared the attacks and pipeline shutdown could disrupt oil supplies and transport routes.
Reported attacks and supply risks
Uncertainty and possible mitigation
Responsibility for the Saudi attack
Reported attacks and supply risks
Saudi state media attributed damage in Jazan to a Houthi attack, and the Houthis said they struck a Saudi military base in a neighboring province.
Uncertainty and possible mitigation
The reports provide the Saudi and Houthi claims but do not independently establish the details of the attacks.
Casualties aboard the ship
Reported attacks and supply risks
Iranian authorities said one person was killed and four crew members were wounded aboard an Iranian commercial vessel.
Uncertainty and possible mitigation
A separate account reported one death and three injuries, creating a discrepancy over the number wounded.
Oil-price outlook
Reported attacks and supply risks
Analyst Tony Sycamore said prices could continue rising toward $119.48 if Oman talks do not produce results or the East-West pipeline is not quickly restored.
Uncertainty and possible mitigation
The pipeline provides Saudi Arabia with an alternative route to Red Sea export terminals, and operational talks or a rapid reopening could reduce supply concerns.
Key facts
- Brent peak reported
- $108.23 per barrel, up $3.62 or 3.46%
- WTI peak reported
- $103.20 per barrel, up $3.15 or 3.15%
- Later Brent price
- $107.51 per barrel, up $2.90 or 2.77%
- Later WTI price
- $102.32 per barrel, up $2.27 or 2.27%
- Pipeline capacity
- Saudi Arabia’s East-West pipeline has a stated capacity of 7 million barrels per day
- Ship incident
- A vessel in the Strait of Hormuz was hit by a projectile and caught fire
- Diplomatic talks
- A planned Monday meeting in Oman between Gulf countries and Iran was postponed
Quotes
Tony Sycamore
IG market analyst
“Looking ahead, unless this week's talks in Oman produce something operational — or the East-West pipeline is brought back online quickly — the risk is that crude oil continues to extend its gains toward the $119.48 high of early March.”
thehindubusinessline.com
Sources
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