Global oil prices surged on Monday, with Brent crude rising above $107 a barrel as escalating tensions across the Middle East heightened fears of further disruptions to global energy supplies.
Brent crude rose by about 3 per cent to around $107.81 a barrel, while US West Texas Intermediate (WTI) crude also gained nearly 3 per cent to about $102.94. The sharp movement came as traders assessed growing risks to oil production, transportation and exports from the region.
The latest surge followed renewed attacks on Saudi Arabian energy infrastructure, including damage to the kingdom’s East-West oil pipeline, a major route designed to transport crude to the Red Sea while bypassing the Strait of Hormuz.
The pipeline had been carrying between four million and five million barrels of crude per day, making its disruption particularly significant for global energy markets. The attacks have raised concerns about the ability of major oil producers to maintain exports if alternative routes remain threatened.
Fears have also intensified around the Strait of Hormuz and the Bab el-Mandeb Strait, two strategic waterways that are vital to international energy shipments.
The Houthis have reportedly increased pressure around the Bab el-Mandeb, while vessels operating around the region face higher security and insurance costs. Tanker rates have also risen sharply as shipping companies reassess the risks of transporting oil through the affected routes.
The Strait of Hormuz remains a particular concern because of its importance to global oil trade. Any prolonged disruption could significantly tighten supplies and put further upward pressure on crude prices.
Diplomatic efforts to reduce the tensions also suffered a setback after a planned meeting involving Gulf states and Iran on maritime security and the Strait of Hormuz was postponed. The delay has added to uncertainty over whether a diplomatic arrangement can be reached to ease shipping risks.
The oil rally is also increasing concerns about inflation globally. Higher crude prices raise the cost of transportation, manufacturing and energy, potentially feeding into consumer prices and complicating monetary-policy decisions by central banks.
Market participants are therefore closely watching developments in the Middle East, particularly the security of oil infrastructure and major shipping routes. A further escalation could push crude prices higher, while any meaningful de-escalation could ease some of the supply fears currently driving the market.
For oil-importing countries, including Nigeria, sustained increases in international crude prices could have wider implications for fuel prices, transportation costs and inflation, although the impact on domestic pump prices will also depend on local refining capacity, exchange rates and domestic market conditions.
With Brent already back above $107 a barrel, investors are now watching closely to determine whether the latest price surge represents a temporary geopolitical premium or the beginning of a more prolonged supply shock.
I found the latest market details for Monday, September 14, 2026. Brent moved above $107, with Reuters reporting a rise of about 3% to $107.81 at one point, while WTI climbed above $102. The immediate drivers include attacks on Saudi oil infrastructure, threats around the Bab el-Mandeb and Strait of Hormuz, and the postponement of planned Gulf-Iran talks.
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