Oil prices edged lower on Thursday, September 17, 2026, as fears over supply disruptions from attacks on Saudi Arabia's key East-West pipeline continued to ease. Brent crude, the international benchmark, was trading around $105.81 per barrel, while U.S. West Texas Intermediate (WTI) crude was down slightly at around $102.14 per barrel.
Current Oil Prices
- Brent Crude: ~$105.81/bbl (down slightly)
- WTI Crude: ~$102.14/bbl (down about 0.2–0.3%)
- Today's WTI trading range: roughly $101.07–$102.34
- 52-week WTI range: $54.98–$117.63
Prices have pulled back from highs earlier in the week after U.S. Energy Secretary Chris Wright said Saudi Arabia's East-West pipeline outage was a temporary interruption that would be measured in days rather than weeks. Saudi Arabia has also begun making additional crude cargoes available to Asian refiners through ship-to-ship transfers near Oman's Sohar port, helping cushion the impact on global supply.
Why Prices Have Been Volatile This Month
Several factors have driven a sharp run-up in oil prices over the past month, with crude up more than 20% in that span and over 60% compared with a year ago:
- Attacks on Saudi infrastructure — Strikes suspended activity on infrastructure that normally routes millions of barrels per day of Saudi oil to the Red Sea, an alternative route to shipments through the Persian Gulf.
- Iranian tanker blockade concerns — Disruption to tanker flows through the Strait of Hormuz has forced major OPEC producers, including Saudi Arabia, to cut output, with Saudi production recently falling to its lowest level since 1990.
- Houthi attacks on shipping routes — Iran-backed Houthi forces have been advancing toward the Bab el-Mandeb Strait while intensifying attacks on Saudi targets and regional shipping.
- Libyan supply halts — Protests by Libya's Petroleum Facilities Guard shut down the Hamada–Zawiya crude-loading pipeline, prompting warnings of a possible force majeure declaration.
- Low inventories — The U.S. Strategic Petroleum Reserve stands near a record low, while Chinese stockpiles have also been drawn down, pushing Beijing to increase import orders.
U.S. Inventory Data
Official U.S. government data showed crude inventories fell by 640,000 barrels last week, to 423.4 million barrels — a smaller draw than analysts expected. That figure came in well below the American Petroleum Institute's earlier private estimate of a 7.1 million-barrel increase, a discrepancy that added to volatility in Wednesday's trading session.
A Wildcard: New Russia Sanctions Legislation
Beyond the Middle East, U.S. lawmakers are advancing legislation that would give President Trump authority to impose tariffs of up to 100% on major buyers of Russian energy, as part of a broader sanctions package tied to the Russia-Ukraine war. If enacted, this could tighten global crude supply further and add upward pressure on prices, even as a partial truce on strikes against Russian and Ukrainian energy infrastructure has offered some near-term relief.
Why Gas Prices at the Pump Could Change Next
Gas prices typically follow crude oil prices with a lag of one to three weeks, since refiners and retailers gradually pass through cost changes rather than adjusting instantly. Based on current market conditions, a few scenarios could affect prices at the pump in the coming weeks:
- If the Saudi pipeline comes back online quickly (as U.S. officials have suggested), crude could ease further, gradually pulling gas prices down.
- If Houthi attacks escalate or spread toward the Bab el-Mandeb Strait, insurance and shipping costs for tankers could rise, pushing crude — and eventually gas prices — higher.
- If the new Russia sanctions bill passes, restricted supply from one of the world's largest oil exporters could tighten global markets and lift prices at the pump later this fall.
- If U.S. inventories continue to draw down faster than expected, that alone has historically been a bullish signal for crude and gas prices.
Related Coverage & Sources
- CNBC: Oil Prices Today — WTI, Brent, Middle East
- Trading Economics: Crude Oil Price & Historical Data
- Trading Economics: Brent Crude Oil Price & Historical Data
- OilPrice.com: WTI Crude Oil Futures
- OilPrice.com: Brent Crude Oil Futures
- Forbes Advisor: Crude Oil Price Today
Frequently Asked Questions
Why did oil prices drop today?
Prices eased mainly because fears about Saudi Arabia's East-West pipeline outage lessened after U.S. officials described the disruption as temporary, and Saudi Arabia moved additional crude to Asian buyers through alternative shipping routes.
Will gas prices go up or down soon?
It depends on how several ongoing risks play out — particularly whether the Saudi pipeline repair holds, whether Houthi attacks on shipping escalate, and whether new Russia sanctions legislation passes. Gas prices usually move with a lag after crude oil price changes.
What's the difference between WTI and Brent crude?
WTI (West Texas Intermediate) is the main U.S. benchmark, while Brent is the international benchmark used for most oil traded outside North America. Brent typically trades at a premium to WTI due to transportation and global demand factors.
Why are oil prices so much higher than last year?
Crude is up more than 60% year-over-year, largely due to escalating Middle East tensions — including attacks on Saudi oil infrastructure, an Iranian tanker blockade near the Strait of Hormuz, and supply halts in Libya — combined with historically low U.S. and Chinese inventories.
Could new sanctions on Russia push gas prices higher?
Potentially. Legislation advancing in the U.S. would let President Trump impose tariffs of up to 100% on major buyers of Russian energy. If it becomes law, reduced access to Russian crude could tighten global supply and add upward pressure on prices.
Is the Strait of Hormuz still a major risk factor?
Yes. A large share of global oil — reportedly around 18 million barrels of crude and petroleum products passed through Hormuz in the past week alone — moves through the strait, making any disruption there one of the most closely watched risks in the oil market.
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