{"id":615698,"date":"2026-09-14T10:36:11","date_gmt":"2026-09-14T10:36:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/615698\/"},"modified":"2026-09-14T10:36:11","modified_gmt":"2026-09-14T10:36:11","slug":"oil-prices-rise-after-drone-attacks-shut-down-saudi-arabias-east-west-pipeline-oil","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/615698\/","title":{"rendered":"Oil prices rise after drone attacks shut down Saudi Arabia\u2019s East-West pipeline | Oil"},"content":{"rendered":"

Oil prices have climbed above $108 a barrel after a series of drone attacks<\/a> forced Saudi Arabia to close its east-west crude pipeline.<\/p>\n

Brent crude, the international benchmark for oil prices, surged to as much as $108.03 a barrel on Monday \u2013 a 3.25% increase on the day.<\/p>\n

The spike came after Yemen\u2019s Iran-aligned Houthi forces launched several attacks against Saudi Arabia and captured the strategic island of Perim<\/a> in the Bab al-Mandab strait on Sunday, expanding their control of the waterway.<\/p>\n

Market concerns were also fuelled by the Gulf states postponing a meeting with Tehran to discuss creating a temporary shipping lane through the strait of Hormuz, a vital channel through which a fifth of the world\u2019s oil and gas supply normally passes.<\/p>\n

Traders in the kingdom have warned it will run out of oil stocks for export<\/a> if it does not reopen the east-west pipeline within days.<\/p>\n

Gas prices also climbed higher on Monday, with the UK benchmark rising by 5% to 208.73p a therm \u2013 its highest level since December 2022.<\/p>\n

.<\/a><\/p>\n

Energy prices have surged this year, as the US-Israel war with Iran has disrupted oil and gas supply across the Middle East. The oil price peaked at $126<\/a> in April but later fell back over the summer amid hopes of a lasting ceasefire.<\/p>\n

The price then began to climb again after the memorandum of understanding between the US and Iran fell apart. After a fresh stepping up of hostilities the benchmark again rose above the $100 a barrel threshold<\/a> last week for the first time since July.<\/p>\n

Chris Beauchamp, of the broker IG, said that a \u201cmove back to the spring highs\u201d looked increasingly likely.<\/p>\n

\u201cOil markets are being subjected to their worst fears all at once \u2013 attacks on energy infrastructure, the closure of Hormuz and a breakdown in attempts to restart negotiations,\u201d he said.<\/p>\n

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\u201cThe risk of further disruption is also spreading beyond the Gulf, with the threat of renewed Houthi attacks on shipping adding another layer of uncertainty around key energy and trade routes.<\/p>\n

\u201cThe major surprise is how calm markets remain in the face of all this, but if prices breach the March highs, things could get ugly very quickly.\u201d<\/p>\n

Oil output from Saudi Arabia<\/a> had been under pressure before the attacks on its major pipeline. Riyadh told the Opec oil cartel recently that its crude production in August was at its lowest level since 1990, according to Bloomberg.<\/p>\n

The spike in energy prices has triggered higher inflation across large economies around the world. Central bankers in the US, Japan and the UK <\/a>must contend with the renewed rise in the cost of energy and accelerating price rises as they prepare to set interest rates this week.<\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices have climbed above $108 a barrel after a series of drone attacks forced Saudi Arabia to…\n","protected":false},"author":2,"featured_media":615699,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[42,43,40,38,41,39],"class_list":["post-615698","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/615698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=615698"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/615698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/615699"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=615698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=615698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=615698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}