Oil Is Stuck Above $100, and a Damaged Saudi Pipeline Is the Latest Reason
Oil ended the week the way it has spent most of September: high, jumpy and hard to read. On Friday, Brent slipped to about $103 a barrel while WTI, the US benchmark, dropped to around $101. That’s a small step back from Tuesday’s four-month high of about $106, but Brent is still up more than 12% over the past month. Brent Crude Oil Price Today (September 18): Brent Falls To $103, WTI Drops Near $101 As Saudi Supply Concerns Ease; Check Latest Brent Crude & WTI Oil Rates Today +2
The newest scare came from Saudi Arabia. Houthi militia attacks shut the kingdom’s 7-million-barrel-a-day East-West pipeline, a workaround for tankers stuck behind Hormuz. The damage is worse than first thought: three pumping stations are confirmed damaged, and repairs could take five to six weeks, though partial flows may resume sooner. DTNPfOilPrice
Friday’s dip came because the blow looked softer than feared. Saudi Arabia has been loading more crude through Oman, and satellite imagery suggests it moved 2.8 million barrels a day through Hormuz over six days, versus 700,000 in August. The Sunday GuardianTRADING ECONOMICS
The fighting is what keeps a floor under prices. Earlier this month, Brent closed at $101.21, its highest since May 22, after the US destroyed five Iranian crude tankers. Goldman said a move above $120 is now plausible if shipping attacks intensify, though its base case is far lower, at $85 Brent for December. That gap between forecast and screen is the risk premium traders are paying. Oil prices today: WTI, Brent, U.S.-Iran +2
You can see it at the pump. One market roundup put US gasoline at $4.47 a gallon and diesel at $6.45. Next up: the pipeline repair timeline, and Trump’s comments that the US could re-escalate attacks on Iran. TT NewsTRADING ECONOMICS
Sources: Reuters via Sunday Guardian (sundayguardianlive.com), Trading Economics (tradingeconomics.com), DTN (dtnpf.com), CNBC (cnbc.com), OilPrice.com, TT News (ttnews.com)
