Brent Settles at $102.52 Per Barrel on September 14, Up 2.5 Percent as Iran-GCC Talks Collapse and Hormuz Vessel Strike Revives Supply Fears

Brent crude rose to $102.52 per barrel on September 14, up 2.5 percent from the previous day, while WTI climbed to similar levels at $102.55, according to Trading Economics and Oilprice.com. The gains came as the Oman-brokered Iran-GCC talks scheduled for Monday were postponed hours before they were set to begin, removing near-term hopes for a diplomatic breakthrough on Hormuz transit. A commercial vessel was struck by an unknown projectile in the Strait of Hormuz late Saturday, killing one person and injuring three, underscoring continued targeting risk despite the planned negotiations. IMF PortWatch recorded just 6 transits on September 6, the most recent published day, against a pre-crisis baseline of 85 per day. The Strait remains effectively closed to commercial shipping on Day 197 of the crisis. Oil had pulled back to around $104 per barrel on Friday September 12 after Iranian state media first announced the Monday talks, but the postponement and fresh vessel strike immediately reversed that diplomatic premium. Trading Economics noted the closure of Saudi Arabia's East-West pipeline has highlighted its importance in maintaining energy flows across the Middle East, as the US and Iran remain at an impasse over control of Hormuz. The pipeline transports oil across Saudi Arabia to Red Sea ports and has a capacity of around 7 million barrels per day, though current utilization remains constrained. The IEA sharply cut its global oil demand outlook earlier this month, forecasting a 2.5 million barrel per day contraction in 2026, the largest annual decline since the Covid-19 pandemic, as higher prices and tighter supplies weigh on consumption. This matters because the collapse of diplomacy and continued attacks signal the Hormuz crisis remains unresolved with no protection accord in place, leaving transit risk uninsurable and oil prices structurally elevated. Kuwait Petroleum has offered ship-to-ship transfers outside Hormuz to buyers, with exports recovering to 50