Saudi Aramco suspended oil loadings at the Red Sea port of Yanbu on 15 September 2026 following the shutdown of the kingdom's East-West pipeline, which serves as Saudi Arabia's primary crude export route bypassing the Strait of Hormuz. The pipeline was damaged in a drone attack, as reported by Oilprice. The disruption removes a critical alternative export corridor at a time when Strait of Hormuz transit volumes had already collapsed to single-digit daily vessel crossings, down from a 10-day average of 14, according to Oilprice.
Brent crude rose to $108 per barrel following the pipeline halt, while the Shanghai Futures Exchange crude contract hit a reported record of $138 per barrel as Chinese refiners competed for limited available supply. European natural gas prices also moved sharply, with the Dutch TTF benchmark rising 6% to $97.31 per MWh at Monday's market open, the highest level since the 2022–2023 energy crisis.
Brent crude and WTI are the principal global benchmark contracts directly affected by the reduction in Saudi export volumes through Yanbu. The Shanghai Futures Exchange crude contract (SCF) recorded the reported record high as Asian refiners faced acute supply competition. TTF, the European natural gas benchmark, moved on spillover supply anxiety tied to the same regional disruption.
The pipeline shutdown followed Houthi missile and drone strikes on Saudi Arabia's King Khalid airbase and occurred on the same day Gulf states cancelled planned Strait of Hormuz negotiations with Iran, according to Oilprice. Finnhub reported the East-West pipeline disruption was assessed at three to five weeks in duration stemming from drone attack damage.
Sources: Oilprice, Cnbc TOP, Bloomberg Markets, investinglive.com, Guardian Business, Marketwatch TOP