Oil rose about 3% in Monday trade as the first full cash session priced Saudi Arabia’s East-West pipeline outage and weekend strikes across the Gulf. At 2:00 a.m. CT, Reuters put Brent at $107.54 a barrel, up $2.93 or 2.8%, and WTI at $102.93, up $2.88 or 2.9%. Early Asia futures briefly printed Brent near $108.23, a separate stamp from that Monday cash print.
Riyadh shut the Hormuz-bypass East-West line to Yanbu as a precaution after drone attacks Saudi officials linked to Iraq. No official repair timeline has been given. Traders have framed the outage as a material supply risk for global crude. Separate weekend vessel strikes in the Gulf remain a second security thread.
Higher energy prices tighten the inflation path into Wednesday’s Federal Reserve decision. A Reuters poll Monday found about 85% of economists expect a quarter-point hike, though oil marks lead this story.
Sources:
- Reuters (Brent $107.54 / WTI $102.93 at 0700 GMT Mon Sep 14): reuters.com
- The Hindu / Reuters early Asia Brent ~$108.23: thehindu.com
- The Guardian: theguardian.com
- WSJ live: wsj.com
- Reuters Fed poll (context): reuters.com
