Global crude oil prices remained firmly above the psychologically important $100-per-barrel level in mid-September 2026, driven by escalating tensions in the Middle East and recent attacks on Saudi energy infrastructure.
As of September 15, Brent crude, the international benchmark, was trading around $106–$108 per barrel, while U.S. West Texas Intermediate (WTI) hovered near $101–$103. Both benchmarks had surged last week, with Brent briefly approaching $110 and crossing $100 for the first time since July.
Key Trigger: Saudi East-West Pipeline Shutdown
The latest upward pressure came after drone attacks forced Saudi Arabia to temporarily shut its East-West Pipeline (also known as Petroline). The 1,200-km pipeline is a critical alternative export route that allows Saudi crude to bypass the Strait of Hormuz and reach the Red Sea port of Yanbu.
Saudi officials described the shutdown as a precautionary measure following multiple drone strikes, which Riyadh linked to Iran-backed groups operating from Iraqi territory. The pipeline can transport several million barrels per day — estimates suggest it handles up to around 4% of global oil supply when fully operational.
With the pipeline offline, inventories at Yanbu are reported to cover only five to seven days of exports. Prolonged disruption could significantly tighten global supplies.
Analysts note that while Saudi inventories may provide a short-term cushion, any extended outage of the East-West Pipeline or further attacks on energy infrastructure could push prices higher. Diesel prices in some markets have already reached record levels, adding to inflation concerns worldwide.
The sustained strength in oil prices above $100 underscores the vulnerability of global energy supplies to geopolitical shocks in the Middle East, the world’s most important oil-producing region.
Markets will closely watch updates on the Saudi pipeline’s status, shipping activity in key waterways, and any diplomatic developments in the coming days.