Oil settles $3 higher on Yanbu disruption, Saudi cargo cancellations

Global crude oil benchmarks surged more than $3/barrel on Tuesday, 15 September 2026, settling at their highest levels since 19 May as disruptions to Saudi Arabian exports intensified concerns over an already constrained global supply system.

Brent settled $3.07, or 2.9%, higher at $108.75/barrel

WTI jumped $4.44, or 4.38%, to $105.83/barrel.

The rally accelerated after shipping industry sources said crude loadings at Saudi Arabia's Red Sea export hub of Yanbu had been suspended, while Riyadh cancelled some cargo deliveries to European customers.

Yanbu has taken on greater importance since the Iran conflict disrupted traffic through the Strait of Hormuz, normally a conduit for around one-fifth of global oil and liquefied natural gas supplies. Saudi Arabia has increasingly relied on its East-West Pipeline to transport crude from eastern production centres to Yanbu, allowing exports to bypass the strait.

However, attacks on the pipeline on Friday forced the kingdom to shut the key export route, raising concerns that supply disruptions could persist for weeks.

Market anxiety deepened after Yemen's Iran-aligned Houthis launched fresh attacks on Saudi targets on Monday, while Gulf Arab states postponed planned discussions with Iran over measures concerning the Strait of Hormuz.

Separately, Libya's National Oil Corporation said operations at three oil fields were suspended after protesting members of the Petroleum Facilities Guard shut a valve on the Hamada-Zawiya crude export pipeline.

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