Saudi Pipeline Attack Disrupts Oil Routes, Prices Surge

In mid-September 2026, an attack on Saudi Arabia's East-West pipeline and disruptions in the Strait of Hormuz led to a sharp rise in oil prices. Brent crude topped $108, and European gas prices jumped 6% as markets reacted to the shutdown of a key export route. Asian refiners sought alternatives as traffic through the Strait of Hormuz tumbled.

The pipeline attack, attributed to Houthi forces, threatened Saudi Arabia's ability to export oil, prompting concerns over global supply. The price surge also put the Federal Reserve on track for a September rate hike. Saudi Arabia separately announced the discovery of 110 million tonnes of uranium-bearing ore.