{
  "id": 7269613,
  "title": "Oil surges past $108 as Hormuz attack and Saudi pipeline shutdown rattle markets",
  "url": "https://urgent.news/2026/09/14/oil-surges-past-108-as-hormuz-attack-and-saudi-pipeline-shutdown",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-14T07:46:24.000Z",
  "source": {
    "name": "Euronews",
    "slug": "euronews",
    "url": "https://www.euronews.com/business/2026/09/14/oil-surges-past-107-as-hormuz-attack-and-saudi-pipeline-shutdown-rattle-markets"
  },
  "original_language": "en",
  "account": "On Monday morning, the oil market was shaken by news from the Gulf region. Brent crude for October and November deliveries surged over 3%, surpassing $108 per barrel, while US benchmark WTI for October rose 2.3% to around $102, both breaking the $100 mark after extending their gains from the previous week. The increase in prices followed Saudi Arabia's announcement that its East-West pipeline had been temporarily shut down due to drone attacks. The pipeline transports crude oil across the kingdom to Red Sea ports, bypassing the Strait of Hormuz, which is currently the most dangerous route for oil shipments. On Sunday, a merchant vessel in the strait was attacked, resulting in the death of one person and injuries to three others, as reported by Iranian authorities.\n\nSince the commencement of the war, the Strait of Hormuz has become a more perilous route for ships. Vessels now require permission from Iran to pass through the waterway, and Tehran is contemplating the possibility of charging service fees. Ships that do not comply with these requirements are frequently targeted, while US forces occasionally bomb the Iranian coastline to counter Tehran's claim of control over the strait. In addition to the attacks, Oman has postponed planned talks between Iran and Gulf states regarding the future of the waterway, which is a significant part of the global seaborne oil trade.\n\nThe impact of these events is evident at American gas stations. The US national average price of diesel reached $6 per gallon for the first time in history on Friday, up from $5.85 a week earlier and approximately 60% higher than the $3.71 drivers paid a year ago. Gasoline prices have also hit record highs, averaging $4.22, following record-breaking prices during the Labor Day weekend. US President Donald Trump has blamed Ukrainian President Volodymyr Zelenskyy for the diesel fuel shortage in Russia. However, analysts argue that the supply arithmetic suggests otherwise. According to Lipow Oil Associates, about 800,000 barrels of diesel per day are lost due to Russia's export ban, compared to around 1.2 million barrels from disruptions around the Strait of Hormuz. Furthermore, crude oil flows through the strait have decreased from about 20 million barrels per day before the war to around 7 million barrels per day, and the closure of refineries due to the two conflicts has resulted in a loss of around 5 million barrels of refining capacity daily.",
  "summary": "Brent crude climbed above $108 a barrel on Monday morning after a merchant vessel was struck in the Strait of Hormuz, killing one crew member, and Saudi Arabia shut its main pipeline bypassing the waterway, renewing fears that Middle East supply routes are closing.",
  "key_points": [
    "Brent crude and WTI oil prices exceed $108 and $102 per barrel, respectively",
    "Saudi Arabia shuts East-West pipeline due to drone attacks",
    "Strait of Hormuz attacks raise concerns for global oil trade"
  ],
  "editors_take": "The surge in oil prices reflects growing concerns about supply disruptions in the Gulf region, where heightened tensions and attacks on vessels are making safe passage for oil shipments increasingly uncertain.",
  "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."
}