Oil jumps as Saudi pipeline shutdown worsens global supply crunch
Traders assessing the regional consequences of a rapid military advance by Houthi militants along Yemen’s Red Sea coast
Oil prices surged on Monday as Saudi Arabia halted a key crude pipeline following Houthi militant attacks, deepening a global energy crunch. The East-West pipeline, which bypasses the Strait of Hormuz during the US-Iran conflict, was shut down as a precaution. Brent crude futures climbed 3.46% to $108.23 per barrel, while WTI futures rose 3.15% to $103.20 per barrel.
Iran and several Gulf nations had planned a meeting on September 14 to create a temporary shipping lane through Hormuz, but the gathering was postponed due to the pipeline strike. Bahrain declined to attend the meeting, citing the pipeline shutdown. Traders also considered the rapid advance of Iranian-backed Houthi militants along Yemen's Red Sea coast, which could further disrupt shipping through the Bab el-Mandeb strait. The ongoing crisis has fueled inflation worldwide and pushed crude prices up 76% in 2026.
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