Oil prices have leveled off, but Brent has risen
On the evening of September 14, the rise in oil prices slowed. Investors continue to assess reports of the suspension of operations at a major oil pipeline in Saudi Arabia and analyze experts’ forecasts.
November Brent futures on the London-based ICE Futures exchange, as of 6:42 p.m. Kyiv time, rose by $2.65 (2.53%) to $107.26 per barrel.
WTI crude oil futures for October delivery on the New York Mercantile Exchange (NYMEX) are currently up $2.59 (2.59%) to $102.64 per barrel.
Operations on the East-West oil pipeline in Saudi Arabia have been suspended following massive drone attacks, the Ministry of Energy reported. The facility’s capacity is estimated at 7 million barrels per day. After the closure of the Strait of Hormuz, Saudi Arabia rerouted its main oil exports from east to west via this pipeline, which leads to the port of Yanbu on the Red Sea.
If shipping traffic in the strait remains restricted, oil prices could rise to $120 per barrel next year, according to a forecast by S&P Global Energy. The company’s base-case scenario calls for average prices in 2027 to be slightly below $100 per barrel, while the scenario involving a rapid resumption of shipping traffic calls for prices below $60 per barrel.
By the end of this year and into early next year, Brent crude for delivery during that period is expected to cost around $110 per barrel, according to Wood Mackenzie. After that, if the Strait of Hormuz reopens fully in January 2027, prices will fall to around $60 per barrel by early 2028.
This is reported by Interfax-Ukraine.
Asian stock markets fell amid a surge in oil prices.
Oil prices rose following attacks on a pipeline in Saudi Arabia.
In Ghana, gasoline and diesel prices are expected to rise starting September 16.
