Oil prices jump more than 2% after new strikes on Saudi, Strait of Hormuz

On Monday, September 14, 2026, oil prices surged over 2%, reaching new heights in several weeks. The increase was triggered by fresh Houthi strikes on Saudi Arabia and Iranian attacks on vessels in the Gulf, heightening worries about supply interruptions following a key Saudi oil pipeline shutdown. Brent crude prices jumped $2.90, or 2.77%, to $107.51 per barrel, while West Texas Intermediate futures climbed $2.27, or 2.27%, to $102.32 per barrel.

Saudi Arabian authorities released video footage on Sunday showing Houthi damage to homes and a mosque in Jazan province. The Houthis additionally claimed responsibility for striking a Saudi military base in a neighboring region. Meanwhile, a ship in the Strait of Hormuz was hit by a projectile, igniting a fire and forcing the crew to be evacuated, according to the British maritime security agency UKMTO.

Iran reported one fatality and four injuries aboard an Iranian commercial vessel struck off its coast. Oil prices had been predicted to rise on Monday due to heightened concerns about risks to supply from the world's leading oil exporter, Saudi Arabia, whose East-West pipeline was closed on Friday by a drone strike originating in Iraq. The pipeline's outage jeopardizes up to 4% of global oil supply.

In the interim, Yemen's Iran-aligned Houthis reached the strategic island of Perim on Friday, aiming to reinforce control over the Bab el-Mandeb Strait, a crucial oil transit lane that contributes 4-5% of global supply. Crude oil prices climbed 8% over the week, breaching the $100 mark for the first time since July.

Omani Foreign Minister Badr Albusaidi stated on X that a planned Monday meeting in Oman between Gulf nations and Iran to discuss the Strait of Hormuz had been postponed. No peace negotiations have taken place in the conflict, initiated six months ago by the United States and Israel, since an interim deal in June fell apart after a brief period.