Brent Crude Jumps Above $107 Amid Escalating Middle East Tensions

September 14, 2026

New Delhi: Crude oil prices jumped sharply on Monday, with Brent crude rising above $107 a barrel as escalating tensions in the Middle East raised fears of disruptions to global energy supplies.

Brent for November delivery gained 3.20 per cent to $107.82 a barrel, while the US benchmark West Texas Intermediate (WTI) for October rose 3.20 per cent to $103.20. The gains extended last week’s rally that pushed both contracts back above the $100 mark.

Middle East Tensions Raise Supply Concerns

Markets remained focused on security developments in the Gulf and Red Sea shipping lanes, which faced severe disruptions as Houthi forces seized key ports that underpin a large share of the world’s seaborne oil trade.

The surge in oil prices followed reports that Saudi Arabia temporarily shut its East-West pipeline after drone attacks and that a merchant vessel was struck in the Strait of Hormuz on Sunday.

Iranian authorities said one person was killed and three others were injured in the incident.

Iran has tightened control over the Strait of Hormuz, requiring vessels to seek permission to transit and considering a mechanism to impose service fees. Non-compliant ships have faced strikes.

The United States also bombed the Iranian coastline in an effort to challenge the Islamic Republic’s control of the strategic waterway.

Meanwhile, Oman postponed talks between Iran and Gulf states on the future of the Strait of Hormuz.

Brent Crude Rises More Than 30 Per Cent

Brent prices have risen more than 30 per cent from lows recorded in early August after efforts to secure a permanent agreement between the US and Iran to halt attacks failed to materialise.

Fighting resumed later in August, adding to concerns over the security of crude supplies from the Gulf region.

Supply worries have also been compounded by a steep fall in Saudi Arabia’s oil production.

Saudi Arabia reported to OPEC that it produced 6.2 million barrels per day in August, the lowest monthly output recorded in 2026 and 23 per cent below July levels.

The decline came after Iran-backed Houthi rebels in Yemen threatened oil shipments from Saudi Arabia’s west coast.