14.09.202620:48:46UTC+00Crude Oi Nears $102 Amid Supply Disruptions

Crude oil hovered near $102 a barrel on Monday after briefly touching a four-month high of $105 earlier in the session. Ukrainian President Volodymyr Zelenskyy said Ukraine is prepared to halt strikes on Russian energy infrastructure if Moscow agrees to do the same. He stressed, however, that “Ukraine is not convinced that Russia is willing to abide by any agreement.”

Zelenskyy’s conditional offer undercut US President Donald Trump’s assertion that Russia and Ukraine had already agreed to suspend attacks on each other’s energy facilities. At the same time, Saudi Arabia shut down a key pipeline that bypasses the Strait of Hormuz, tightening global supply conditions. Drones launched from Iraq damaged the kingdom’s East–West pipeline on Thursday, prompting the Saudi government to close the route.

A planned diplomatic meeting between Iran and Gulf Arab states to address tensions in the Strait of Hormuz was abruptly postponed after the pipeline attack. Over the weekend, the number of commodity vessels observed transiting the strait fell to single digits.