Oil disruptions in Hormuz push global energy prices higher
Attacks on shipping and a shut Saudi pipeline are tightening oil supplies, sending Brent crude above $107 a barrel and raising energy costs worldwide.
As the conflict with Iran reaches its 200th day, disruptions in the Strait of Hormuz and the shutdown of Saudi Arabia’s East-West pipeline are tightening global oil supplies. The pipeline, which was closed following a drone attack, moves crude to Red Sea export terminals, bypassing Hormuz, and its prolonged outage could jeopardize up to 4 percent of worldwide oil output. Brent crude responded by climbing about 2.8 percent to exceed $107 a barrel on Sept. 14.
The U.S. Energy Information Administration notes that before the war the strait carried roughly one-fifth of global oil consumption and a similar share of LNG trade. Brown University’s Climate Solutions Lab estimates U.S. households have spent over $100 billion extra on gasoline and diesel by early September, averaging more than $750 per household. Türkiye remains vulnerable to higher fuel prices due to its reliance on imports, a risk highlighted in the International Energy Agency’s 2026 energy sector review.
Why it matters
Tightening oil supplies raise fuel costs for consumers and heighten economic pressure worldwide.
How this story developed
- Aug 23 Iran readies major fuel price hike amid US sanctions and war pressures
- 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 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.
- Sep 13 A ship was hit by a projectile while transiting the Strait of Hormuz, prompting crew evacuation after a fire broke out, according to UKMTO.
- Sep 14 Saudi Arabia temporarily closed its east‑west pipeline after a drone strike traced to Iraq, while an Iranian commercial vessel reported casualties nearby.
- Sep 14 Brent futures rose to $109.97, a three‑month peak, widening the price gap with regional benchmarks.
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