Oil prices had been expected to rise on Monday amid growing concerns about risks to supply from Saudi Arabia, the world's largest oil exporter, whose East-West oil pipeline was shut on Friday by a drone strike that originated in Iraq.
This Planet Labs PBC satellite image shows damage to the East-West pipeline facility in the Hejaz Region, Saudi Arabia, on Sept. 11, 2026. (Handout via Reuters/2026 Planet Labs PBC)
Oil prices jumped more than 2 percent on Monday, after new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline.Brent crude futures rose US$2.90, or 2.77 percent, to $107.51 per barrel as of 23:13 GMT. WTI futures rose $2.27, or 2.27 percent, to $102.32 per barrel. Prices had initially risen more than 3 percent at market open.
Saudi Arabian state media on Sunday released video footage of damage to homes and a mosque from what it said was a Houthi attack on the country's southern Jazan province. The Houthis said they had also struck a Saudi military base in a neighboring province.
A vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to be evacuated, the British maritime security agency UKMTO said on Sunday.
