Why Petrol Prices Are Swinging This Week
Oil prices fell in Asian trading on Thursday, September 17, 2026. Saudi Arabia offered extra tanker loads of oil, which eased fears of Middle East supply problems. Reuters
The drop followed gains earlier in the week. Prices were rising early Tuesday as traders weighed lost Saudi oil after an attack. WSJ Brent crude, the main world oil price, rose 1.75% to $107.50 a barrel. WSJ
Prices had reached four-month highs after Saudi Arabia's East-West Pipeline closed and Houthis threatened ships in the Red Sea. WSJ That continued a rise already underway. Earlier attacks on Saudi energy sites had lifted prices to six-week highs. Journal Record World prices averaged $91 a barrel in August, up $7 from July, EIA data show. EIA
Saudi supply fell by 2.3 million barrels a day to 6 million a day in August. Reuters The IEA's September 2026 report said total world supply would fall by 5.7 million a day to 100.7 million a day in 2026. IEA Gulf recovery was put off until 2027. IEA
Traders said if the pipeline stays closed a long time, up to 4% of world oil could be cut off — like a main road staying shut. Reuters
The broader context here is two kinds of risk. The high covered blocked routes and Red Sea danger. The September 17 fall covered extra tankers. For families, that gap feeds into petrol and heating bills.
Looking at what this means for household budgets, there is little spare oil if the pipeline stays shut. Brent at $107.50 shows tight supply. The fall shows deliveries getting through. Prices will swing with news on restart, loadings and Red Sea travel until flows return to normal.
