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2026-09-21 09:36:11
[Oil Prices Rise Nearly 2%, Market Focuses on Saudi Export Recovery and Middle East Situation] 1. Oil prices fell on Monday after an initial surge, driven by the Houthi attacks on Saudi Arabia over the weekend. Both WTI and Brent crude initially rose more than 1%, but subsequently fell nearly 2%. US crude for November delivery is currently down 2.6% at $95.38 per barrel, a one-and-a-half-week low, while Brent crude fell as much as 1.95% to $101.18 per barrel, as investors assess the recovery of Saudi Arabian oil exports. 2. The Iranian-backed Houthi rebels claimed responsibility for missile and drone attacks on "sensitive" targets in Riyadh, the Saudi capital, and a Saudi Aramco facility in Yanbu, a key Red Sea oil export hub, on Saturday. Following the Houthi attacks on Saudi Aramco's east-west pipeline, the company suspended some shipments via the port of Yanbu and plans to increase exports via the Strait of Hormuz this month and next. 3. Preliminary data from data analytics firm Kpler shows that Saudi Arabia's crude oil exports have rebounded to slightly above 4 million barrels per day so far in September; in August, exports had fallen to 2.4 million barrels per day, the lowest level since at least 2013. 4. A report from JPMorgan Chase analysts on September 18 stated that despite disruptions to Saudi Arabia's east-west oil pipelines, Middle Eastern crude oil shipments remain surprisingly strong. Over the past 10 days, total crude oil shipments averaged 17.1 million barrels per day, only 6.1 million barrels per day lower than the 2025 average. Analysts indicated that the most significant change came from Saudi Arabia; satellite data shows that Saudi crude oil shipments via the Strait of Hormuz averaged 2.9 million barrels per day over the past six days, compared to only 700,000 barrels per day in August. 5. Three Iranian sources stated that after the attacks, Saudi Arabia sought assistance from a major Asian power, which has requested Iran's help in restraining the Houthi rebels. Amid the ongoing stalemate between the US and Iran, both sides exchanged new threats on Sunday, but US President Trump expressed his willingness to meet with Iranian President Pezechioyan, who is expected to travel to New York this week for the UN General Assembly. According to Al Jazeera, Iran's security chief, Mohsen Rezaei, stated in an interview on Saturday that Iran has conveyed its conditions for resuming negotiations to the mediators.
