Oil climbs to $107 as Gulf supply fears intensify

September 15, 2026 (MLN): Oil prices extended their gains on Tuesday as renewed attacks involving Saudi Arabia and Iran heightened concerns over crude supply disruptions across the Gulf region.

Currently, Brent crude futures is up, 1.85%, at $107.64 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $1.98, or 1.95%, to $103.37 per barrel by [12:11 pm] PST

Saudi Arabia has shut its critical East-West oil pipeline, which provides an alternative route for crude shipments that bypasses the Strait of Hormuz, after drones launched from Iraq damaged the pipeline. The closure comes at a time when oil markets are already facing tighter supply conditions, according to CNBC.

The latest developments have further intensified concerns over the security of regional energy infrastructure.

The Saudi-led coalition in Yemen said 13 civilians were injured on Monday after Houthi forces launched a series of ballistic missile and drone attacks targeting Saudi Arabia, according to Al Jazeera.

Tensions also remained elevated around the Strait of Hormuz, a key global oil transit route. Iran’s military said it had destroyed an advanced U.S. drone over the strait, following a series of Iranian operations against U.S. unmanned naval systems in the Gulf.

U.S. President Donald Trump said Sunday that Washington could continue its military campaign against Iran and potentially take control of the country’s oil resources.

Meanwhile, the U.S. Central Command rejected a claim by Iran’s Islamic Revolutionary Guard Corps that the Panama-flagged oil tanker El Gaia had struck a naval mine in the Strait of Hormuz.

CENTCOM said the tanker was hit by an Iranian missile last month and rendered inoperable, describing the IRGC’s account as a false claim intended to intimidate commercial vessels operating through the strait.

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