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Saudi Aramco has told all European term customers they will receive no crude oil in October after a drone attack shut the East-West pipeline, sending barrels to Asia instead.
Houthis seize Yemen's Mocha and Bab al-Mandeb strait, sending Brent above $107. S&P 500 falls, OPEC cuts 2026 demand forecast.
OPEC Plus will hold October output steady after six consecutive monthly increases, pausing the unwind of 1.65 million bpd of voluntary cuts as the Strait of Hormuz remains closed.
Hormuz traffic collapses to just 10 ships a day as US diesel hits record $5.90 per gallon and Brent settles at $97.92 after briefly topping $100.
Houthi attacks hit Saudi Aramco facilities as Iran threatens US energy retaliation. Brent crude surges to six-week high near $100 as Goldman Sachs raises forecasts.
Shipping a tanker through the Strait of Hormuz now costs about 20 million dollars, or roughly 10 a barrel. With Brent above 90, traders and shipowners reap record margins.
The UAE imposed an indefinite trade embargo on Iran on August 19, 2026, after detecting two ballistic missiles allegedly launched from Iranian territory toward the Gulf.
Trump rules out extending Iran MOU as Brent jumps 2.4% to $90.60, WTI climbs 2.2% to $84.20. Iran seizes a UAE-owned tanker in the Strait of Hormuz, escalating Gulf maritime tensions.
OPEC cut 2026 demand growth forecast to 380,000 bpd in its fifth straight monthly downgrade, while raising 2027 outlook on hopes of a post-war recovery.
IEA deepens 2026 oil supply cut to 5.7 million bpd, 35% steeper than August, as Gulf recovery slips to 2027 and inventories hit their lowest since 2023.
Brent October futures hit $90 a barrel on August 11, up 2.6 percent, as Iran keeps the Strait of Hormuz closed; Houthi missile attacks at Bab al-Mandeb and drone strikes on Libyan facilities at Zawiya add to supply fears, and Trump does not rule out escalation.
U.S. President Donald Trump demanded on Monday that Iran pay compensation for people he said were killed in wars, attacks and protests, a move that is expected to complicate efforts to reopen the Strait of Hormuz and sent Brent crude higher.
Iranian Foreign Minister Abbas Araghchi says the Strait of Hormuz will not reopen without US concessions: Brent rises more than 1 percent to 84.43 dollars, with strait transits collapsed to 8-15 vessels a day.
A preliminary draft proposal between Iran and Oman would bar US and Israeli vessels from transiting the Strait of Hormuz until war damages are compensated, with fines of up to 20 percent of a cargo's value. Brent crude rose 1.2 percent to 83.48 dollars a barrel.
Two explosions on Iran's Qeshm Island near the Strait of Hormuz entrance sent Brent up 4.9% to $82.30 and European gas soaring 11.5%.