Home · World · Sep 14 archive
Brent Crude Hits $108 as Saudi Pipeline Shutdown Fuels Supply Concerns
Confirmed
In Short: Brent crude prices surged to $108 per barrel following a drone attack on Saudi Arabia's East-West pipeline, which could cut off 4% of global oil supply.
Crude oil prices surged to $108 per barrel today, driven by a drone attack on Saudi Arabia's East-West pipeline, which could cut off 4% of global oil supply, according to reports. The pipeline, with a capacity of 7 million barrels per day, has been temporarily shut down as a precaution.
The attack, which spared Saudi Arabia the brunt of the disruption, has moved 4 million to 5 million barrels per day, amounting to 4% to 5% of global supply. Satellite images showed black smoke rising from the pipeline south of Medina, and the Saudi Civil Defence reported injuries and damage being assessed.
Satellite images and reports indicate that the attack resulted in some injuries and damage, though the extent of the impact on exports remains unclear. Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, requested U.S. military help in fighting the Houthis, sources told.
Despite the attack, Saudi Arabia has not retaliated, following a request from the Iraqi prime minister. The pipeline has served as the main route for Middle East oil exports for the past six months, while the Strait of Hormuz has been largely shut by war, according to the International Energy Agency.
What's confirmed
- Crude oil prices surged to $108 per barrel today, driven by a drone attack on Saudi Arabia's East-West pipeline, which could cut off 4% of global oil supply, according to reports. The pipeline, with a capacity of 7 million barrels per day, has been temporarily shut down as a precaution.
- The attack, which spared Saudi Arabia the brunt of the disruption, has moved 4 million to 5 million barrels per day, amounting to 4% to 5% of global supply. Satellite images showed black smoke rising from the pipeline south of Medina, and the Saudi Civil Defence reported injuries and damage being assessed.
- Satellite images and reports indicate that the attack resulted in some injuries and damage, though the extent of the impact on exports remains unclear. Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, requested U.S. military help in fighting the Houthis, sources told.
- Despite the attack, Saudi Arabia has not retaliated, following a request from the Iraqi prime minister. The pipeline has served as the main route for Middle East oil exports for the past six months, while the Strait of Hormuz has been largely shut by war, according to the International Energy Agency.
What's still developing
- Brent Hits $108 as Saudi Pipeline Shutdown Deepens Supply Fears What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Brent crude hit $108 per barrel earlier today, following the latest escalation in the Middle East, before retreating to $107.22 per barrel at the time of writing.
- The ING team remains relatively optimistic, however, maintaining its base case of $80 per barrel of Brent crude for the final quarter of the year.
- The world’s largest crude oil exporter said it temporarily closed the pipeline as a precaution after a drone attack that both Baghdad and Riyadh said had originated in Iraq, Iranian-backed militias operate.
- Satellite image shows damage to the East-West pipeline facility in the Hejaz Region, Saudi Arabia, on September 11, 2026. 2026 Planet Labs PBC/Handout via Donald Trump, visiting Ireland to attend a golf tournament at one of his resorts, said Iran was probably to blame.
- On Saturday, the Saudi Civil Defence said in a statement that a projectile fired by the Houthis had injured two people in Jazan region, along with damaging several buildings, including a mosque.
- Saudi Arabia, which previously struck pro-Iranian militia in Iraq, has opted not to retaliate so far, following a request from the Iraqi prime minister, the Saudi Foreign Ministry said in a statement.
- Saudi crude supply fell to the lowest levels in more than three decades, the International Energy Agency said on Friday, partly due to attacks on ships going through Bab el-Mandeb by Houthi-linked groups.
- In Yemen, Saudi-backed forces of a government based in the south indicated they would try to retake areas captured this week in the lightning offensive by the Houthis, mountain fighters who seized the capital 12 years ago and withstood years of deadly Saudi airstrikes during Yemen’s civil war.