Crude oil prices rose by 3 percent due to the latest attacks on Saudi Arabia and the Strait of Hormuz.

Global crude oil prices have risen by approximately 3% following the latest series of attacks on Saudi Arabia and the Strait of Hormuz. This price increase, reported on September 14, was primarily influenced by Houthi attacks on Saudi Arabia and Iranian attacks on ships in the Gulf region, as well as the risk to supply caused by the closure of a major Saudi oil pipeline.

By 3:40 AM GMT, Brent crude oil prices had risen by $3.21, or 3.1%, to $107.82 per barrel, while West Texas Intermediate crude oil prices increased by $3.17, or 3.2%, to $103.22 per barrel. Consequently, for the first time since July, the price of a barrel of oil has surpassed the $100 mark, and due to the ongoing crisis, oil prices have risen by 8% this week alone.

Commenting on this situation, ING commodity analysts point out that this indicates a significant increase in attacks targeting Saudi Arabia's energy infrastructure, including the East-West oil pipeline. Saudi authorities have confirmed that the East-West oil pipeline in Saudi Arabia had to be temporarily shut down due to a drone attack, and the extent of the damage or the time it will take to restore it has not yet been precisely announced. The inactivation of this pipeline, which helps Saudi Arabia conduct export activities bypassing the Strait of Hormuz, poses a threat to approximately 4% of the global oil supply. However, three industry sources indicate that even with the pipeline inactive, the city of Yanbu in western Saudi Arabia has sufficient oil reserves to maintain export activities for the next five to seven days. Saudi state media also released video footage on September 13 showing damage to houses and a mosque from an attack by Houthi rebels in Saudi Arabia's southern Jazan province.

Meanwhile, further critical situations are being reported regarding regional maritime security. According to the UK Maritime Trade Operations, on September 13, a projectile attack occurred on a vessel transiting the Strait of Hormuz, and the crew was evacuated due to the resulting fire. Iran states that on the same day, an attack on a commercial vessel off the Iranian coast resulted in one death and four crew members injured. Additionally, Iran-backed Houthi rebels in Yemen reached the strategically important Perim Island on September 11, thereby tightening their control over the Bab el-Mandeb Strait, another key transit route through which approximately 4% to 5% of global oil supply has been transported in recent months.

Amidst this instability, Oman's Foreign Minister Badr Al-Busaidi announced on social media on September 13 that a meeting scheduled for September 14 in Oman to discuss the Strait of Hormuz between Gulf countries and Iran has been postponed. This escalation of regional crises occurs against a backdrop where no peace talks have been held since an interim agreement reached in June regarding the war initiated by the United States and Israel six months prior collapsed a few weeks later.