Oil Rises More Than 1.5% Amid Rising Supply Concerns

Oil prices rose by more than 1.5% on Tuesday as concerns over supply disruptions persisted amid heightened tensions in the Middle East, casting doubt on efforts to mitigate shipping risks in the region.

Tim Waterer, chief market analyst at KCM Trade, said: “Oil traders are treating every new attack or targeting of infrastructure as an additional risk to supplies.”

Cargo ship traffic through the Strait of Hormuz fell to fewer than 10 daily voyages at the start of the week, down from an average of 14 over the previous 10 days, raising concerns about a route that typically carried about one-fifth of global oil supplies before the start of the US-Israeli war on Iran on February 28.

A senior source at the Saudi Ministry of Energy stated that the East-West pipeline in the Riyadh and Medina regions was targeted several times on the morning of Thursday, September 10, 2026. The pipeline was shut down as a precaution, and the attacks resulted in some injuries. Medical care was provided to the injured, according to the Saudi Press Agency (SPA).

Oil prices rose 8% last week due to these disruptions, surpassing the $100-per-barrel mark for the first time since July.

Meanwhile, Russian President Volodymyr Zelenskyy said yesterday that Kyiv is ready to support a US proposal for a ceasefire between Russia and Ukraine at energy-related sites, provided Washington ensures that Moscow is truly prepared to end its war on Ukraine.