Oil Prices Rise as Saudi East-West Pipeline Remains Shut, Houthi Advances Keep Supply Risks Elevated — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 2% to $107.82 a barrel.

--European benchmark gas is down 0.9% to 81.81 euros a megawatt-hour.

--WTI crude oil is up 2.1% to $103.50 a barrel.

--Gold futures are down 0.8% to $4,284.70 a troy ounce.

--Copper futures are down 0.5% to $6.308 a pound.

TOP STORY:

Oil Prices Rise as Saudi East-West Pipeline Remains Shut, Houthi Advances Keep Supply Risks Elevated

Oil prices rose in European trading Tuesday as Saudi Arabia's East-West Pipeline remained shut and recent territorial gains by Iran-backed Houthi militants kept supply risks elevated around key Middle East crude-export routes.

Front-month Brent crude oil futures rose 2% to $107.82 a barrel, while front-month West Texas Intermediate crude oil futures gained 2.1% to $103.50 a barrel.

Saudi Arabia is trying to resume partial operations on the East-West Pipeline within days, though repairing damaged pumping stations and fully restoring capacity could take as long as six to eight weeks, The Wall Street Journal reported citing people familiar with the matter. The 750-mile pipeline can carry as much as 7 million barrels a day from the kingdom's oil-producing region in the east to the Red Sea port of Yanbu, bypassing the Strait of Hormuz.

OTHER STORIES:

Global Diesel Market Tightens as Supply Disruptions Mount

Global diesel supplies remain under pressure as disruptions to Middle East flows and Russian refining capacity tighten the market.

The ICE gasoil crack remains above $80 a barrel and near record levels, according to ING. Russia's diesel export ban is also set to remain in place through the end of September, while attacks on Russian refineries have further constrained supplies.

--

Gold Falls as Higher Energy Costs Fuel Rate-Hike Expectations

Gold prices fell as rising energy costs added to inflation concerns and strengthened expectations that the Federal Reserve will raise interest rates.

Higher Treasury yields and a stronger dollar added to the pressure, according to ING. Gold futures fell 0.8% to $4,284.70 a troy ounce in early European trading.

--

Copper Extends Pullback as AI Concerns Weigh on Demand Outlook

Copper prices extended their pullback as calls from leading technology executives to slow artificial-intelligence development raised concerns over the outlook for data-center investment.

Improving exchange availability has also eased some of the supply concerns that drove copper to record highs, according to ING. Rising inventories and softer nearby spreads suggest extreme tightness in the London Metal Exchange market is beginning to moderate.

--

China Soybean Purchases Rise as Black Sea Disruptions Hit Grain Exports

China has purchased nearly 13 million metric tons of U.S. soybeans this season, more than half of its annual commitment of 25 million tons through 2028, according to ING.

Meanwhile, Ukrainian grain and legume exports fell 24% on year to 4.3 million tons in the 2026-27 marketing season through Sept. 14. Wheat shipments dropped 48% to 2.1 million tons, with continued attacks on Black Sea trade routes weighing on overall exports.

MARKET TALKS:

Oil Prices Continue to Rise as Traders Gauge Lost Saudi Volumes -- Market Talk

0657 GMT - Oil prices continue to rise early Tuesday as traders assess the impact of lost Saudi Arabian volumes after the attack on the country's East-West pipeline. The true extent of the damage hasn't been confirmed and the immediate impact on oil markets depends on how much oil can be taken from storage at the Yanbu port facility, ANZ analysts write. Saudi Arabia is expected to ramp up shipments through the Strait of Hormuz, but recorded traffic remains very low, they say. Buffers, such as oil stored on the water in large ships or on land in strategic reserves, are disappearing, further tightening immediate supplies. Brent rises 1.75% to $107.50 a barrel while WTI is up 1.8% at $103.17 a barrel. (adam.whittaker@wsj.com)

--

European Natural Gas Prices Supported as Market Remains Tight -- Market Talk

0751 GMT - European natural-gas prices remain well supported, with the Dutch TTF contract trading down 0.3% at 82.265 euros a megawatt-hour. Prices show little prospect of falling further as escalation in the Middle East dents chances of an imminent pickup in LNG flows from the Persian Gulf, ING analysts write. The global LNG market will therefore be tight as the Northern Hemisphere enters its heating season and means Europe will struggle to hit the lower end of its storage targets, which aims for at least 75%, ahead of winter, they say. (adam.whittaker@wsj.com)

--

Gold Prices Fall as Rising Energy Costs Reinforce Rate-Hike Expectations -- Market Talk

0801 GMT - Gold futures are down 0.5% at $4,331.20 a troy ounce in morning European trade as higher energy prices reinforce expectations that the U.S. Federal Reserve will begin raising rates, ANZ analysts say. Higher interest rates weigh on non-yielding assets like gold. Tightening oil supplies push Brent crude up 2% to $107.70 a barrel. Expectations of higher inflation mean traders now price in an 86% probability of a hike at this week's meeting, they say. (adam.whittaker@wsj.com)

--

Gold Stays Under Pressure as Oil Heightens Inflation Fears -- Market Talk

2358 GMT - Gold stays under pressure in early Asian trading, below $4,300 an ounce after oil prices and inflation fears drove another rise in bond yields overnight. The precious metal's moves suggest little hope that it will recapture its role as a haven asset any time soon, Trade Nation's David Morrison says. Investors piled back into the dollar-and out of gold-as deterioration in the Middle East conflict and tech leaders' doomsday warnings about AI soured risk sentiment. Morrison notes that gold and silver have held a strong negative correlation with the greenback since their February slump off all-time highs. Focus is on the Fed's decision on Wednesday, which could spur a big move in rate-sensitive gold in either direction. Gold slips 0.25% to $4,287 an ounce. (fabiana.negrinochoa@wsj.com)

--

Gold Investors Could Be Looking Beyond Next Fed Move -- Market Talk

0321 GMT - Gold investors could be looking beyond the next Federal Reserve move, says UBS Global Economics and Strategy Research's Joni Teves in a note. The precious-metals strategist expects the market to have largely absorbed rate-tightening expectations and place greater weight on other reasons to buy gold, such as the asset's diversification appeal and intact official-sector buying. The peak gold-demand season is also approaching in India, while investment activity in China appears supportive, she adds. Gold prices are likely to remain volatile but increasingly likely to rise toward the year-end, she says. She flags that a September Fed rate increase could still result in a "knee-jerk correction" without derailing the broader recovery. Spot gold declines 0.3% to $4,332.84 a troy ounce. (megan.cheah@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

September 15, 2026 05:59 ET (09:59 GMT)