{
  "id": 7494011,
  "title": "Oil price could surge to $US150 as war engulfs major Middle East supply routes",
  "url": "https://urgent.news/2026/09/15/oil-price-could-surge-to-us150-as-war-engulfs-major-middle-east",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-15T06:51:37.000Z",
  "source": {
    "name": "ABC News AU",
    "slug": "abc-news-au",
    "url": "https://www.abc.net.au/news/2026-09-15/oil-could-surge-to-150-dollars-middle-east-war-intensifies/107155830"
  },
  "original_language": "en",
  "account": "The Strait of Hormuz, Red Sea and Saudi Arabia are now battlegrounds as war intensifies. Yemen's Iran-aligned Houthis launched dozens of missiles and drones at a Saudi military base overnight, following an attack that crippled the East-West pipeline on Thursday. This pipeline was crucial in circumventing the blockaded Strait of Hormuz, which provides roughly 20% of the world's oil supply. The Houthis have rapidly advanced, capturing territory including Perim Island at the Red Sea's mouth, pushing oil prices above $US100 per barrel. Meanwhile, a British maritime security agency reported another vessel struck by a projectile in the strait, resulting in a fire. This conflict complicates efforts to minimize global oil supply disruption for US President Donald Trump and other authorities. Saudi Arabia, leading a coalition against the Houthis since 2015, had maintained a ceasefire, but it broke down in July as Houthi strikes targeted Abha Airport and a naval blockade against Saudi-linked ships began. Global benchmark Brent crude and US West Texas Intermediate (WTI) crude both surpassed $US107 and $US103 per barrel, respectively. The Australian benchmark, Tapis, is trading at $US110 per barrel, a 46% increase since July. The impact on fuel prices is imminent, with NRMA reporting an average unleaded petrol price of $2.19 per litre and diesel at $2.68 per litre. Oil analyst Vivek Dhar warns that the closure of the East-West pipeline means 65-70% of prewar flows are now required, putting the world weeks away from critically low oil supply levels. If inventory depletion occurs, Brent oil futures may need to rise to around $US150 per barrel, higher than during the global financial crisis in 2008. This could lead to uncontrolled demand destruction in emerging Asian economies, making it difficult for Trump to avoid a scenario resembling defeat or capitulation in the US-Iran war.",
  "summary": "The war front expanding in the US-Iran conflict has extended beyond the Strait of Hormuz into the Red Sea. With no sign of de-escalation, there is a higher risk of war pushing oil prices towards $US150 per barrel, even higher than the level it reached during the global financial crisis in 2008.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 6,
    "also_reported_by": [
      {
        "outlet": "Fortune",
        "title": "The Pentagon admits that Iranian strikes damaged and destroyed hundreds of buildings at U.S. bases across the Middle East",
        "url": "https://urgent.news/2026/09/14/the-pentagon-admits-that-iranian-strikes-damaged-and-destroyed",
        "published": "2026-09-14T23:18:40.000Z"
      },
      {
        "outlet": "The Korea Times",
        "title": "Container shipping costs to Middle East extend gains in August amid conflict",
        "url": "https://urgent.news/2026/09/15/container-shipping-costs-to-middle-east-extend-gains-in-august-amid",
        "published": "2026-09-15T01:22:03.000Z"
      },
      {
        "outlet": "Gulf News",
        "title": "Kanaf Centre leads UAE, Middle East with child forensic technology",
        "url": "https://urgent.news/2026/09/15/kanaf-centre-leads-uae-middle-east-with-child-forensic-technology",
        "published": "2026-09-15T02:32:43.000Z"
      },
      {
        "outlet": "Free Malaysia Today",
        "title": "Hormuz traffic dwindles after Middle East attacks intensify",
        "url": "https://urgent.news/2026/09/15/hormuz-traffic-dwindles-after-middle-east-attacks-intensify",
        "published": "2026-09-15T03:14:00.000Z"
      },
      {
        "outlet": "Middle East Eye",
        "title": "Hormuz traffic drops after Middle East attacks intensify",
        "url": "https://urgent.news/2026/09/15/hormuz-traffic-drops-after-middle-east-attacks-intensify",
        "published": "2026-09-15T05:25:13.000Z"
      }
    ]
  },
  "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."
}