Oil prices rise over 3% amid Middle East tensions, Hormuz Strait delays

Oil markets reacted sharply to escalating tensions in the Middle East, with Brent crude futures briefly surpassing $108 a barrel before settling at $107.52 by early trading on September 14, 2026. The increase—driven by concerns over supply disruptions—pushed the benchmark up 3.83% to $108.44. West Texas Intermediate crude futures rose 2.8% to $102.86, later consolidating at $103.49, marking a 3.44% gain. The rally underscored heightened geopolitical risks, particularly around the Strait of Hormuz and Bab el-Mandeb Strait, where up to 4% of global oil supply could be at risk if pipeline closures persist, according to Saudi oil buyers and traders. Roughly 12% of worldwide trade now passes through the Bab el-Mandeb Strait, down from a prior 20% share of oil and liquefied natural gas exports before recent disruptions.