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Monday, September 14, 2026
What’s happening: Crude oil traded higher this morning as investors monitored the latest developments in the Middle East.
What happened: Saudi Arabia announced the closure of operations on the East-West pipeline following drone attacks.
Oil prices rose even as leaders attending the BRICS summit called for maximum restraint to solve the global energy crisis.
Why it matters: The BRICS, which now includes 11 countries representing around 40% of global GDP, was held in New Delhi, India this weekend.
The event served as a major diplomatic testing ground, as it brought together Iran, the UAE, and Saudi Arabia at the same table for gruelling multilateral negotiations. It also marked the first highest-level bilateral meeting between Iran and the UAE since the escalation of the conflict with the US.
Meanwhile, Saudi Arabia suspended operations on a major crude pipeline as a precautionary measure, with no signals on the timing of its reopening.
The East-West pipeline had been playing a major role in maintaining energy flows the growing tensions at the Strait of Hormuz. The pipeline was transiting crude oil to ports at the Red Sea with a capacity of approximately 7 million barrels per day (bpd).
Oman’s Foreign Minister Badr Albusaidi said talks with Iran around a temporary shipping corridor through the Strait of Hormuz had been postponed as Saudi Arabia had concerns over the proposal.
Strength in the US dollar limited the gains in oil prices as a higher greenback makes commodities more expensive for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained around 0.1% to 99.20 this morning.
Spot price for WTI crude oil climbed 1.8% to $98.37 per barrel, while Brent crude surged 1.9% to trade at $103.67 per barrel this morning.
Crude oil had jumped around 9% last week amid concerns over supply disruptions, with Brent crossing the key $100 resistance level for the first time since July.
In other commodities trading, gasoline rose 1.9% to $3.3709, while natural gas jumped 1.9% to $2.885 this morning and heating oil prices climbed around 2.7% to trade to $5.0937 this morning.
What to watch: Investors will keep an eye on the ongoing US-Iran conflict.
Data on the EIA’s (Energy Information Administration) crude oil stockpiles will be released on Wednesday. US crude inventories contracted by 0.391 million barrels in the week ended September 4. Gasoline stockpiles rose by 1.269 million barrels, while distillate stocks surged 2.087 million barrels.
Context: The British pound fell versus the US dollar this morning after recording gains in the previous session following strong GDP data.
Details: Data released Friday showed that the UK economy grew by 0.4% in July, accelerating slightly from June’s 0.3% and topping market expectations of flat growth. The latest reading signalled the strongest expansion since February.
On an annualised basis, UK’s GDP expanded by 1.6%, recording the strongest growth since February 2025.
Industrial production grew by 0.2% in July, recovering from a 0.2% decline in June and topping market estimates of a 0.2% decline. The UK’s trade deficit shrank to £3.45 billion in July from £5.54 billion in the previous month, recording the smallest deficit since January.
While investors expect the Bank of England to keep its benchmark interest rate unchanged at its meeting this week, markets are pricing in as many as four rate hikes by mid-2027 due to the recent jump in oil prices.
Strength in the US dollar also weighed on GBP/USD forex pair this morning. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained around 0.1% to 99.20.
The GBP/USD forex pair fell around 0.1% to 1.3513 this morning.
What to watch: Data on inflation rate, PPI output and retail price index from the UK will be released on Wednesday. The UK’s annual inflation rate, which accelerated to 2.9% in July, the highest level in four months, is expected to rise further to 3.1% in August.
Analysts expect UK’s producer prices to rise 0.1% in August following a 0.2% gain in July, while the Retail Price Index is expected to grow by 0.5% in August following a 0.6% gain in the previous month.
The Bank of England will announce its interest rate decision on Thursday.
Other Markets: Asian indices traded mixed this morning, with the Nikkei 225 down by 0.90% and the Shanghai Composite and Hang Seng Index up by 0.16% and 0.35%, respectively.
US President Donald Trump called on Ukraine’s President Volodymyr Zelenskyy to halt attacks on Russian oil refineries. The news sent the USD/RUB pair higher in forex trading this morning.
Germany’s current account surplus rose to €21.2 billion in July from €10.9 billion in the year-ago period. However, the EUR/USD forex pair fell this morning.
Turkey’s current account surplus shrank to $0.04 billion in July from $1.76 billion in the year-ago month. The latest reading missing market estimates of $0.65 billion sent the USD/TRY pair higher in forex trading this morning.
Malaysia’s unemployment rate came in unchanged from the previous three months at 3.0% in July, which exerted pressure on the USD/MYR forex pair.
New Zealand’s BusinessNZ Performance of Services Index rose to 51.2 in August from 50.6 in the previous month. Although services activity surged to the highest level since December 2025, the NZD/USD pair fell in forex trading this morning.
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