Prices Jump on Fresh Supply Risk
Crude popped after fresh strikes on Saudi infrastructure put supply and shipping back in the crosshairs. Brent, the global benchmark, was up 1% to $98.13 a barrel at 10:01 a.m. E.T., after touching $99.46 earlier in the day.
U.S. West Texas Intermediate added 1.95% to $93.26. For September, oil has climbed more than 8% as geopolitical risk gets marked into prices.
A separate snapshot of the ICE Brent Crude Nov '26 contract showed a last trade at 98.28, up 1.28 or 1.32%, at 3:17 p.m. BST, based on delayed USD exchange data.
Strikes Hit Saudi Energy Facilities
Saudi Arabia's Energy Ministry said fires broke out at multiple energy facilities, prompting temporary shutdowns, while emergency crews worked to contain the blazes and assess damage. The kingdom did not say which types of energy assets were hit. Houthi state media claimed the group targeted Saudi Aramco sites in the south using drones and ballistic missiles.
The Foreign Ministry said Houthi militants struck civilian and economic targets in Abha, Khamis Mushait, Jazan and Najran, and reported that more than 70 civilians were hurt. Saudi Arabia, describing itself as the world's largest oil exporter, said it "affirms its legitimate right to take all necessary measures to defend its sovereignty, safeguard its national assets, and protect the security and safety of its citizens and residents."
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U.S.-Iran Escalation Adds Fuel
The Saudi attacks followed a U.S. operation on Saturday in which the military struck three Iranian oil tankers in response to Iranian ballistic missile strikes on two Navy warships. Iran's Foreign Ministry denounced the tanker strikes as a "war crime" and "economic warfare." During the war, Tehran has repeatedly attacked commercial ships.
"Strike our assets and you get struck," Iranian Parliament Speaker Mohammad Bagher Ghalibaf posted Monday on X. That was a reply to Defense Secretary Pete Hegseth, who said the U.S. "will destroy (and sink)" any Iranian oil tankers should Iran open fire on U.S. vessels. Separately, President Donald Trump posted Monday that "Oil prices will drop precipitously ... when we WIN the war with Iran."
What It Means Now
Goldman Sachs said "Markets are increasingly pricing a prolonged Mideast conflict," and lifted its outlook on Monday. The bank raised December 2026 Brent and WTI forecasts by 5 dollars, to 85 and 80 dollars per barrel, and took its 2027 targets to 80 and 75 dollars. Goldman expects Middle East shipping disruptions to persist through 2027, with production starting to recover in the second half of that year.
Bottom line for your wallet: higher and jumpier crude can spill into energy equities, shipping costs and, eventually, inflation-sensitive corners of your budget. It is not just a trader story - it shows up in what you pay to fill the tank and keep the lights on.
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