Brent crude opened at $108.34 per barrel on September 16, up $1.77 from the previous morning and roughly $40 above the same period last year. The closure of Saudi Arabia’s East-West pipeline, struck by Houthi forces amid an escalating US-Iran conflict, represents the single biggest supply shock in recent weeks. Analysts project that each additional month of disruption at current severity could add $7 to $8 per barrel to Brent prices. US crude inventories rose by 7.1 million barrels last week, but the market largely ignored the bullish data, signaling the prevailing upward force is strong enough to absorb counterarguments. Without a rapid restoration of Saudi export capacity, analysts target $115 or higher within the next month.
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