New strikes on Saudi pipeline and vessels raise oil market concerns
A projectile hit a ship in the Strait of Hormuz and a Saudi oil pipeline was damaged, prompting worries about global fuel supplies.
On Sunday, a ship moving through the Strait of Hormuz was hit by a projectile, igniting a fire and forcing the crew to abandon the vessel, according to the UK maritime security agency. Iran reported one death and four injuries on an Iranian commercial ship struck nearby. In Saudi Arabia, footage released by state media displayed damage to residential buildings and a mosque following a cross-border strike, while the Houthis claimed to have hit a Saudi military installation.
The recent attack on the 1,200-km east-west pipeline, which carries most of Saudi oil around the strait, could limit exports to five to seven days from the Red Sea port of Yanbu. Traders expect oil prices to rise when markets reopen, as the disruption adds to existing supply constraints from the region.
Why it matters
Disruptions to Saudi oil flow and shipping in Hormuz could push global fuel prices higher.
How this story developed
- Aug 23 Iran readies major fuel price hike amid US sanctions and war pressures
- Sep 7 Hungarian diesel price reached a record above 688 forints per litre.
- Sep 7 Diesel price rose to $5.85 per gallon, a new national high.
- Sep 7 Brent crude climbed to about $97 a barrel as US‑Iran clashes intensified, and analysts said gasoline prices may ease in October with the shift to winter‑grade fuel.
- Sep 8 The US military said it destroyed five Iranian oil tankers in retaliation for two missile strikes on a US warship over two days.
- Sep 9 Iran launched a missile strike on a Jordanian military base.
- Sep 9 The president blocked the tax on extraordinary profits of energy firms, leaving the state without budgetary means to aid motorists.
- Sep 9 US military says it destroyed five Iranian crude oil carriers following IRGC ballistic missile attacks on a US Navy warship.
- Sep 9 Brent futures rose above $100 a barrel on Wednesday, driven by escalating attacks in the Middle East that have tightened oil supplies.
- Sep 9 Iran said its forces also engaged two US vessels and eight oil tankers in the Strait of Hormuz.
- Sep 10 Brent crude rose above $105 per barrel.
- Sep 11 Diesel fuel in the United States has risen past $6 per gallon, a sharp increase linked to recent military actions involving the U.S., Israel and Iran.
- Sep 11 Diesel prices crossed $6 per gallon for the first time.
- Sep 12 Iran announced attacks on ten vessels near the Strait of Hormuz.
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