EnergyNow Morning Oil Price Report

Report Date & Time: September 14, 2026 – 5:32 a.m. MDT – Using Trading View Prices

See Up-To-Date Prices Here

Summary

• WTI crude is approximately US$103.54 per barrel, up US$3.49, or 3.49%, from Friday’s official US$100.05 settlement. Oil is sharply higher as renewed attacks on Saudi energy infrastructure deepen concerns about the availability of Middle Eastern crude.
• Brent crude is approximately US$108.04 per barrel, up US$3.43, or 3.28%, from Friday’s US$104.61 settlement. The rally follows last week’s roughly 9% advance and puts Brent back near its highest levels since May.
• The biggest catalyst is the temporary shutdown of Saudi Arabia’s East-West oil pipeline, a critical alternative export route that bypasses the Strait of Hormuz. Combined with attacks on shipping and deteriorating diplomatic prospects, the disruption has materially increased the market’s geopolitical risk premium.

Latest Oil Prices

As of approximately 5:32 a.m. MDT Monday, WTI was trading around US$103.54 per barrel, compared with Friday’s official settlement of US$100.05. That represents a gain of US$3.49 per barrel, or approximately 3.49%, putting the U.S. benchmark decisively above $100.

Brent was approximately US$108.04 per barrel, compared with Friday’s US$104.61 settlement, a gain of US$3.43, or approximately 3.28%. Reuters reported Brent and WTI both up more than 3% in Monday trading.

The current WTI front-month contract remains October 2026, while Brent is trading on its current front-month structure. There is no major rollover distortion affecting today’s comparison with Friday’s settlement.

Why Oil Is Moving

The immediate catalyst is a new escalation in Saudi Arabia.

A drone attack forced the temporary shutdown of the kingdom’s East-West Pipeline, which normally allows Saudi oil to move from eastern production areas to the Red Sea port of Yanbu without passing through the Strait of Hormuz. Industry estimates suggest the outage could temporarily threaten export capacity equivalent to as much as 4% of global oil supply.

Saudi inventories at Yanbu are reportedly sufficient to maintain exports for only about five to seven days if the pipeline remains unavailable. Estimates for repairs vary, with some sources suggesting the work could potentially take several weeks.

At the same time, regional diplomacy has suffered another setback. A planned meeting between Gulf governments and Iran in Oman concerning shipping through the Strait of Hormuz was postponed, reducing expectations for an immediate de-escalation.

Key Market Risks or Catalysts

The Strait of Hormuz remains the central global oil-market risk. Traders estimate that only about 6 million to 8 million barrels per day are currently passing through the Strait, well below normal pre-war flows.

The second major chokepoint is Bab el-Mandeb, where Iran-aligned Houthi forces have expanded their position around the strategically important island of Perim. That threatens another route used by tankers moving between the Red Sea and Indian Ocean.

Physical crude markets are also tightening. Asian refiners are paying sharply higher premiums for U.S., West African and Middle Eastern barrels, while strong refinery margins are encouraging plants to operate at high utilization rates.

Another concern is shrinking supply buffers. The IEA now expects global oil supply to decline by approximately 5.7 million barrels per day in 2026, while Saudi crude output fell to roughly 6 million bpd in August, its lowest level in more than three decades.

Bottom Line

Oil has begun the week with another powerful move higher.

WTI above $103 and Brent above $108 indicate that the geopolitical premium is continuing to grow rather than fade. The shutdown of Saudi Arabia’s East-West Pipeline is particularly important because it removes one of the kingdom’s primary alternatives to the increasingly dangerous Strait of Hormuz.

Unless the Saudi pipeline is restored quickly or diplomatic efforts produce a credible improvement in shipping security, oil prices remain exposed to further upside volatility, with $110 Brent once again within reach.

Western Canadian Select (WCS)

The latest available WCS price is approximately US$90.13 per barrel, dated Friday, September 11. That represented a gain of US$6.43 per barrel from the previous available assessment of US$83.70 on September 10.

Using Friday’s comparable WTI settlement of US$100.05, the indicative WTI-WCS discount was approximately US$9.92 per barrel.

On Thursday, using WCS of US$83.70 and WTI’s US$102.48 settlement, the corresponding indicative discount was about US$18.78 per barrel. On that basis, the WCS discount narrowed by approximately US$8.86 per barrel from Thursday to Friday.

There is an important timing qualification: the publicly available WCS assessment is a Friday price, while Monday WTI has already risen above $103. Comparing Friday WCS directly with Monday’s live WTI price would artificially widen the apparent differential, so the spread above uses Friday WTI for a more appropriate comparison. A fresh Monday WCS assessment was not yet available at publication time.

Who Watches the WCS Price

Oil sands producers realize WCS-linked prices on unhedged production, and their capital plans key off the differential outlook. US Midwest and Gulf Coast refiners with coking capacity buy WCS as feedstock and treat the differential as their margin opportunity. The Alberta government forecasts royalty and tax revenue directly off WCS — a one-dollar move in the differential is worth hundreds of millions of dollars to the provincial budget over a fiscal year. And diluent demand links WCS volumes back to condensate markets.

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