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European Energy Markets
22JUN

Brent spikes on the strike, then gives it back

2 min read
13:56UTC

Brent crude spiked intraday to roughly $109.98 on Friday 11 September on news of the pipeline attack, then settled the same session at $104.61, down 2.81 per cent.

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EconomicDeveloping

Brent Crude spiked intraday to roughly $109.98 on Friday 11 September 2026, around 6 per cent higher overnight on news of the attack on the Saudi east-west crude line and its highest since early May, then settled the same session at $104.61, down 2.81 per cent 1. West Texas Intermediate, the US benchmark, settled at $100.05, down 2.37 per cent 2.

Both numbers are Friday's, and both close a session that began with the pipeline news. Brent settled at $71.99 on 26 June , and Friday's close sits far above that on the same benchmark. The US Energy Information Administration had raised its forecast for Middle East production shut in during the fourth quarter and pushed its recovery date into 2027 two days earlier, on 9 September .

A spike that unwinds inside a session says traders priced a disruption to a route rather than a loss of barrels. Saudi crude still reaches the water, and the Ministry of Energy has named neither a damaged segment nor a restart date, so the quantity actually removed from the market is unknown to the people pricing it. Futures markets do not trade on Saturday or Sunday. Monday 14 September is the first settlement that can price anything that happened over the weekend.

Deep Analysis

In plain English

Oil is bought and sold on futures exchanges, where a price moves all day and then a single closing figure, the settlement, goes in the record. On Friday 11 September news of the attack on the Saudi pipeline pushed Brent crude, the main global benchmark, up to around $109.98 at one point. By the close it had fallen back to $104.61, which was below Thursday's closing price. The American benchmark, West Texas Intermediate, closed at $100.05. So the market got excited and then changed its mind inside a single day. Exchanges are shut at the weekend, which means anything that happened on Saturday or Sunday has to wait until Monday to show up in a price at all.

What could happen next?
  • Meaning

    A spike that unwinds inside one session prices a disruption to a route rather than a loss of barrels.

    Immediate · Assessed
  • Risk

    Two days of weekend news sit unpriced, and the first settlement able to carry them is Monday 14 September.

    Immediate · Assessed
  • Consequence

    A forecaster raising its shut-in estimate while the market lowers its close leaves buyers hedging against two different views of the same quarter.

    Short term · Suggested
Sources:Anadolu Agency·Anadolu Agency
Mentions:Brent Crude →West Texas Intermediate →Petroline →Saudi Arabia →EIA →Anadolu Agency →Department of Energy →West Texas →Texas →
First Reported In

Update #178 · Saudi bypass hit, and Riyadh holds fire

Anadolu Agency· 13 Sept 2026
Read original →
Causes and effects
Caused by
Drones hit the pipeline built to dodge Hormuz
Brent's overnight spike and Friday settlement priced the attack on Petroline.
Occurred 10 Sept 2026
Read story →
EIA pushes oil recovery into 2027
The EIA's raised shut-in forecast sat two days behind the price move.
Occurred 8 Sept 2026
Read story →
This Event
Brent spikes on the strike, then gives it back
The market priced the loss of Saudi Arabia's overland export route and handed most of the move back within one session.
Different Perspectives
Cross-border power traders
Cross-border power traders
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EDF
EDF
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Gasunie
Gasunie
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German gas-fired generators
German gas-fired generators
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European Commission (DG Energy)
European Commission (DG Energy)
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Spain's LNG terminal operators
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