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Crude oil surges as Saudi Arabia halts Yanbu loading, Hormuz tensions rise
CommodityGeopoliticsMacro Impact 5
West Texas and Brent crude prices surged after Saudi Arabia suspended crude oil loading at its export terminal in Yanbu, one of the key energy export points on the Red Sea coast, forcing the cancellation of some crude shipments to Europe in late September 2026. West Texas crude traded at 105.83 US dollars per barrel on September 15, 2026, up 4.44 dollars, while Brent crude stood at 108.75 dollars per barrel, up 3.07 dollars. The incident came after Iran-backed Houthi forces in Yemen launched fresh attacks on Saudi Arabia on September 14, 2026, injuring 14 civilians. Shipping data from Kpler showed that only four cargo vessels transited the Strait of Hormuz on September 14, reflecting that traffic through the key energy transport route remains low. Meanwhile, Iran's Fars news agency reported that an oil tanker exploded and caught fire after striking a mine in the Strait of Hormuz. Beyond the Middle East, Libya's National Oil Corporation reported that production from three crude oil fields was halted after protests by security guards at petroleum facilities, who shut a valve on the Hamada-Zawiya pipeline, and a force majeure declaration may become necessary if the valve remains closed. The Russia-Ukraine war is also adding uncertainty to energy supply, after Russia struck a fuel station in Kyiv, while Ukraine continues to attack oil refineries in Russia, even though US President Donald Trump has said Russia and Ukraine will stop attacking energy infrastructure.