{
  "id": 7227835,
  "title": "Oil Prices Surge as Middle East Attacks Continue and Diplomacy Stumbles",
  "url": "https://urgent.news/2026/09/14/oil-prices-surge-as-middle-east-attacks-continue-and-diplomacy",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-14T02:39:17.000Z",
  "source": {
    "name": "OilPrice",
    "slug": "oilprice",
    "url": "https://oilprice.com/Energy/Energy-General/Oil-Prices-Surge-as-Middle-East-Attacks-Continue-and-Diplomacy-Stumbles.html"
  },
  "original_language": "en",
  "account": "Oil prices experienced a sharp increase of over 3% at the start of Asian trading on Monday, driven by concerns over potential supply disruptions following ongoing attacks in the Middle East and the postponement of a crucial meeting between Gulf states and Iran. As of the current time, WTI futures were trading at $102.2 per barrel, up 2.16% for the day, while Brent futures rose 2.14% to $106.8 per barrel. On Saturday, the Houthis announced a significant missile and drone strike against Saudi Arabia, targeting a military base in Sharurah, though Saudi state media had not confirmed this incident. Separately, they reported a projectile had fallen in the Jazan region. This attack is seen as the latest escalation in the ongoing conflict between Saudi Arabia and Iranian proxies, following a drone attack on the East-West Pipeline last week, which was launched from Iraq. The UKMTO issued a warning that a vessel in the Strait of Hormuz had been struck by an unknown projectile, with reports suggesting an Iranian cargo vessel was hit off Qeshm Island early Sunday. The prospect of a meeting between Gulf states and Iran, intended to address potential cooperation on managing shipping through the Strait of Hormuz, was postponed due to disagreements. This postponement was announced by Oman's Foreign Minister, Badr Albusaidi, marking the first time top diplomats from the GCC have gathered with their Iranian counterparts since the conflict began. Prior to the latest hostilities, the attacks on Saudi Arabia's East-West Pipeline had already heightened concerns in oil markets, forcing the kingdom to close one of the region's key crude export routes. Traders are now worried that up to 4% of global oil supply could be lost if the pipeline is not reopened promptly. The scope of the damage caused by the attacks is still uncertain, with multiple pumping stations allegedly hit by drones launched from Iraq. In addition to the East-West Pipeline, the Houthis have made territorial gains in Yemen and are now controlling the Bab el-Mandeb Strait, a strategically important area that could enable them to monitor and potentially disrupt the Red Sea waterway. As diplomacy falters, attacks persist, and uncertainty remains regarding the volume of oil exports from the region in the coming weeks, oil markets appear increasingly bullish. With Saudi Arabia's ability to swiftly restore pipeline throughput and the rescheduling of the Gulf states-Iran meeting remaining unclear, prices are expected to continue their upward trajectory.",
  "summary": "Oil prices initially jumped by over 3% in early Asian trade on Monday as fears of a major and extended supply disruption were stoked by continued attacks in the Middle East and the postponement of a crunch meeting between Gulf states and Iran. At the time of writing, both benchmarks had fallen back slightly, with WTI futures trading at $102.2 per barrel, 2.16% higher on the day, and Brent futures…",
  "key_points": [
    "Oil prices surged over 3% at start of Asian trading Monday",
    "Attacks in Middle East and postponed Gulf-Iran meeting fuel concerns",
    "Houthis strike Saudi base, threaten Red Sea waterway"
  ],
  "editors_take": "The surge in oil prices reflects growing concerns that ongoing Middle East attacks and stalled diplomacy could disrupt global supply, with traders worried up to 4% of global oil supply may be lost.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}