Oil prices jumped about 3% on Monday as tensions escalated in the Middle East and fears grew over disruptions to energy supplies. Brent crude futures had risen $3.14, or 3.00%, to $107.75 a barrel by 04:13 GMT, while West Texas Intermediate crude climbed $3.01, or 3.01%, to $103.06 a barrel.
Maritime incidents and Saudi pipeline shutdown
The gains came after prices rose more than 3% at the start of trading, following incidents targeting shipping and energy infrastructure in the region. The UK Maritime Trade Operations agency said on Sunday that a vessel in the Strait of Hormuz had been hit by a projectile, causing a fire and the evacuation of its crew.
Iran said one person was killed and four crew members were injured aboard an Iranian commercial vessel that came under attack off its coast.
In Saudi Arabia, the East-West pipeline was shut down as a precaution after being targeted several times. A Saudi Energy Ministry official said the incidents took place on Thursday morning, September 10, 2026, in the Riyadh and Medina regions, resulting in some injuries that received medical care.
Oil tops $100
Oil prices rose 8% over the past week because of the disruptions, surpassing $100 a barrel for the first time since July.
Looking ahead, unless this week's talks in Oman produce practical results or the East-West pipeline is quickly brought back online, the risk is that crude will extend its gains toward the early-March high of $119.48
Oman meeting postponed
Oman's Foreign Minister Badr Albusaidi said on Sunday that a meeting scheduled for Monday in Oman between the Gulf states and Iran to discuss the Strait of Hormuz had been postponed.
No peace talks have been held since an interim agreement collapsed in June during the war, which began six months ago with attacks launched by the United States and Israel.
