Brent crude traded near $107 a barrel on Monday, 14 September 2026 as geopolitical risk returned to oil markets following the postponement of planned Gulf-Iran talks on the Strait of Hormuz and the continued shutdown of Saudi Arabia's East-West pipeline after drone strikes.
Trading Economics quoted Brent at $106.69 a barrel, up $2.08 or 1.99% on the day, while WTI rose 1.95% to $102.00. Gulf News reported the November Brent contract at $107.54, up 2.8%, and WTI for October at $102.34, up 2.3%. Early Monday trade had Brent around $104.60 and WTI near $100.00.
Oman postponed the GCC-Iran meeting that had been scheduled in Salalah to discuss managing shipping through the Strait of Hormuz. Omani Foreign Minister Badr Albusaidi said the delay was intended to ensure appropriate conditions for constructive dialogue, and Iran's foreign ministry said the meeting was postponed at the request of some regional countries. Markets had priced in a small de-escalation discount ahead of the talks; with the meeting removed, that discount unwound within hours.
Saudi Arabia's East-West Crude Oil Pipeline remains closed after drone strikes on 10-11 September. Saudi officials attributed the attacks to several drones originating from Iraq. The pipeline had been carrying roughly 5 million barrels a day, rerouting crude away from Hormuz to the Red Sea port of Yanbu. With the pipeline offline, Yanbu reportedly had enough stored oil for only five to seven days of exports, putting up to 4% of global oil supply at risk.
The Houthis seized Perim Island, strengthening their position near the Bab el-Mandeb strait, which has recently carried 4% to 5% of global oil supply. A vessel in the Strait of Hormuz was also struck over the weekend, causing a fire and crew evacuation.
Bank forecasts remained well below spot prices. Goldman Sachs raised its December 2026 Brent forecast by $5 to $85, with WTI at $80; JPMorgan expects Brent to average $86 in Q3 and $80 in Q4. Goldman separately said another month of Hormuz closure would keep Brent above $100 through 2026, while a prolonged disruption into 2027 could push Brent above $120 in Q4 2026.
