Oil Jumps as Crude Loadings at Saudi Arabia's Yanbu Port Reportedly Suspended

03:52 PM EDT, 09/15/2026 (MT Newswires) -- Crude prices surged Tuesday following a report that oil loadings at Saudi Arabia's Red Sea export terminal in Yanbu had been halted, stoking fresh concerns about supply amid intensifying tensions in the Middle East. West Texas Intermediate crude was last seen up 4.3% at $105.75 a barrel, after reaching an intraday high of $106.72. Brent was 2.7% higher at $108.58 a barrel, after hitting as high as $109.43 earlier in the session. So far this month, WTI is up 23%, while Brent has jumped nearly 20%. Both benchmarks scored gains in August and July. Crude loadings in Yanbu had been suspended, Reuters reported Tuesday, citing shipping industry sources. Saudi Arabia -- which is the world's biggest oil exporting nation -- has notified European customers of its decision to cancel some crude cargoes scheduled for late-September delivery, according to the news agency. Separately, Libya halted operations at three oil fields, though the issue was not related to the US-Iran conflict, Reuters reported. Last week, Saudi Arabia shut down its key East-West crude oil pipeline in the Riyadh and Madinah regions as a precautionary measure. Yemen's Iran-aligned Houthis reportedly launched strikes on Saudi energy infrastructure in recent days. "The East-West pipeline is expected to remain out of service for several weeks, and without a pickup in flows through the Strait of Hormuz, its closure will further exacerbate an already tight global supply situation," Saxo Bank said in a report Tuesday. "Refined products remain particularly exposed, with some trading at or near record levels amid Middle East refinery shut-ins and Russian export curbs." The critical crude oil pipeline in Saudi Arabia will resume operations "very soon," CNBC reported Tuesday, citing US Energy Secretary Chris Wright. The kingdom has resumed some exports through the Strait of Hormuz, with support from American forces, Wright reportedly said. The strait is the world's most important chokepoint for crude flows. In the US, the average diesel price rose to a fresh record of $6.2694 per gallon Tuesday from $6.2301 Monday and $3.6858 a year earlier, according to data from AAA, a travel organization that tracks fuel prices nationwide. Regular gas prices in the US averaged $4.3289 per gallon Tuesday, compared with $3.1777 a year ago, AAA data showed. "Oil prices remain firmly supported, with that floor unlikely to give way until markets get clearer visibility on Saudi supply after the East-West pipeline shutdown," ING Bank said in a report.