Brent Crude Extends Rally

2026-09-15 16:41 By Andre Joaquim 1 min. read

Brent crude rose past $108 per barrel on Tuesday, the highest in over four months, on mounting curbs to supply from the Middle East and fresh setbacks on Libyan output.

Saudi Arabia closed its East-West pipeline following attacks from Iraqi territory.

The strikes suspended activity in infrastructure that was allocating 7 million barrels per day of Saudi oil to the Red Sea, an alternative to halted shipments through the Persian Gulf due to the Iranian blockade on tankers.

The prolonged halt of tanker flows from the region forced major OPEC members to cut oil production, with Saudi output recently dropping to its lowest since 1990.

Meanwhile, Libya suspended activity in several oil fields and warned it could declare force majeure as protests by the Petroleum Facilities Guard shut off the Hamada-Zawiya crude-loading pipeline.

Dwindling stockpiles of oil in China drove the major importer to raise orders in August, while the US SPR stands at a near record low.



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Brent Crude Extends Rally
Brent crude rose past $108 per barrel on Tuesday, the highest in over four months, on mounting curbs to supply from the Middle East and fresh setbacks on Libyan output. Saudi Arabia closed its East-West pipeline following attacks from Iraqi territory. The strikes suspended activity in infrastructure that was allocating 7 million barrels per day of Saudi oil to the Red Sea, an alternative to halted shipments through the Persian Gulf due to the Iranian blockade on tankers. The prolonged halt of tanker flows from the region forced major OPEC members to cut oil production, with Saudi output recently dropping to its lowest since 1990. Meanwhile, Libya suspended activity in several oil fields and warned it could declare force majeure as protests by the Petroleum Facilities Guard shut off the Hamada-Zawiya crude-loading pipeline. Dwindling stockpiles of oil in China drove the major importer to raise orders in August, while the US SPR stands at a near record low.
2026-09-15
Brent Crude Climbs for 2nd Day
Brent crude rose to around $107.50 a barrel on Tuesday, near a four-month high, following a 1% gain in the previous session, as supply disruptions in the Middle East outweighed signs of progress towards a Russia-Ukraine energy truce. Market concerns remain focused on Saudi Arabia, where the East-West pipeline has been shut, removing an important alternative route for exporting crude without relying on the Strait of Hormuz. Riyadh is reportedly seeking to increase shipments through the strategic waterway while the pipeline remains offline, although repairs could take several weeks. US Energy Secretary Chris Wright has indicated that he expects the pipeline to resume operations soon. Meanwhile, diplomatic efforts are gaining momentum elsewhere. US President Donald Trump announced a truce on strikes on Russia and Ukraine's energy facilities, while Turkey is seeking to broker an agreement between Kyiv and Moscow to end attacks on Black Sea shipping.
2026-09-15
Brent Crude Climbs for 2nd Day
Brent crude rose to around $107.5 a barrel on Tuesday, its highest level in four months, extending the previous session’s 1% gain as traders focused on ongoing disruptions to Middle Eastern supplies. Saudi Arabia’s East-West pipeline remains offline after attacks last week, limiting an important alternative route for transporting crude around the Strait of Hormuz. Saudi Aramco has not provided a timeline for its restart, while Riyadh is seeking to increase shipments through Hormuz to offset the disruption. Meanwhile, Iran said it would not negotiate with Washington until its conditions are met, despite US President Donald Trump suggesting that Tehran was eager to reach a deal. Separately, conflicting statements from Trump and Ukrainian President Volodymyr Zelenskyy raised uncertainty over a potential halt to attacks on energy infrastructure.
2026-09-15