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  • US oil stocks surge as Iran war disrupts global energy flows: API reports gains in crude, gasoline, distillate inventories

    US oil stocks surge as Iran war disrupts global energy flows: API reports gains in crude, gasoline, distillate inventories

    API figures reveal sharp rise in US crude supplies and refined fuel reserves

    US inventories of crude oil, gasoline and distillates all rose last week, according to data from the American Petroleum Institute (API), as the market weighs a prolonged US-Iran war and severe disruptions to Middle East oil shipping.

    API said crude inventories increased by 7.1 million barrels in the week ended Sept. 11, while gasoline stocks rose 1.5 million barrels and distillates gained 1.6 million barrels.

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    The figures are preliminary industry estimates ahead of the more closely watched Energy Information Administration report. The API says its weekly data are widely used by oil traders and companies.

    The build in US stocks comes as global oil markets face an unusual supply shock.

    Oil prices have climbed above $100 a barrel, with Brent reaching about $107.90 and WTI above $104.95 amid escalating Middle East disruptions, as as of 9.47am Tokyo on Wednesday (Sept. 16, 2026).

    As Saudi oil pipeline shut, Houthis seize more islands

    Saudi oil pipeline crippled for weeks as Houthis seize more Red Sea islands

    Oil prices spike as Hormuz choked, markets on edge

    Amid tanker squeeze in Hormuz, oil prices spike as Iran–US war chokes global supply, markets on edge

    US oil reserves fall to lowest level in 2 years

    US crude oil inventories fall sharply, drop to lowest level in nearly 2 years — EIA

    Oil rises after US cracks down on Iranian supply

    Oil rises a second day after US cracks down on Iranian supply

    The key issue is the Strait of Hormuz.

    Reuters reported on Sept. 15 that only four commodity vessels crossed the waterway on Monday, compared with a pre-war average of about 125 daily transits.

    Hormuz normally handles roughly a fifth of global crude and LNG flows.

    At the same time, Saudi Arabia’s East-West oil pipeline has been disrupted, adding pressure to alternative export routes.

    Higher US inventories do not necessarily mean the global oil market is adequately supplied.

    The US can build stocks while international supplies remain constrained by shipping bottlenecks, damaged infrastructure and reduced exports from the Middle East.

    The EIA’s official Weekly Petroleum Status Report will provide the definitive government data and additional details on crude production, refinery utilisation, imports, exports and petroleum-product demand.

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    US Central Command has said the blockade targets only shipping linked to Iranian ports and is intended to cut off Tehran's oil exports while preserving freedom of navigation for other commercial traffic through the Gulf.

    Iran oil exports ‘near zero’ amid US blockade: tracker

    "Bi-directional daytime" traffic through the Strait of Hormuz of VLCC supertankers is "showing signs of recovery", according to a ship-tracking site. File photo of Strait of Hormuz.

    Hormuz tanker traffic shows ‘signs of recovery’

    The US Strategic Petroleum Reserve (SPR) is the world’s largest supply of emergency crude oil, with a storage capacity of 714 million barrels in four underground salt caverns along the Gulf Coast, as per the US Department of Energy.

    Does America really have just ’14 days of oil left’?

    Anyma is the electronic project of Italian-American artist Matteo Milleri, known for blending techno with elaborate visual production.

    Anyma to headline Abu Dhabi F1: Tickets and info

  • Oil, gas and borrowing costs surge as fears over Middle East escalate

    Oil, gas and borrowing costs surge as fears over Middle East escalate


    Getty Images Person wearing a black leather jacket filling up their car from the petrol pump
    Getty Images

    The price of oil has jumped to $105 a barrel amid signs the conflict in the Middle East will not be resolved quickly, fuelling fears that inflation could accelerate.

    With the conflict between the US and Iran in the Gulf intensifying in recent days, the cost of both crude oil and gas has been rising sharply. Brent crude went back above $100 a barrel on Wednesday and has continued to climb.

    The war has led to the effective closure of the Strait of Hormuz, preventing supplies of oil and gas from the Gulf from reaching global markets.

    US and UK long-term borrowing costs also surged to their highest level in decades.

    Speaking at a Republican Party convention in Texas on Wednesday, President Trump said he did not think the fighting would end until after the US mid-term elections in November.

    Analysts said the combination of rising energy costs and higher borrowing costs was adding pressure on financial markets.

    Chris Beauchamp, chief market analyst at trading platform IG, said investors were becoming increasingly concerned about the economic impact of higher oil prices.

    “It feels like investors worldwide are now waking up to the crisis in oil markets,” Beauchamp said. He warned that the surge in energy prices could weigh heavily on the global economy if it continues.

    Concerns have also grown after Iran-aligned Houthi forces were reported to have seized Yemen’s port of Mokha, a key Red Sea port.

    The move could elevate fears of further shipping disruptions.

    The price of natural gas has also been soaring on wholesale markets. In the UK, it rose above 200p a therm for the first time since the end of 2022.

    Storage levels in Europe are much lower than normal for the time of year, and the need to fill reserves ahead of the winter has helped to push up prices.

    A line chart showing how brent crude oil prices have fluctuated since the USA and Israel attacked Iran on February 28th. The price rose rapidly from around $66 in February, to above $80 from early March, and peaked at just below $120 at the end of that month. It then dropped back down to a low of about $72 in July, and started to rise again throughout August and early September. The current rate as of 10 Sep 2026 is $104.76.

    UK consumers are protected from short term spikes on the wholesale gas markets by Ofgem’s price cap. But if prices remain high for an extended period, households still face steeper bills.

    The cap is already due to increase by 3.6% at the start of October, with the next change after that coming in January.

    The increase in energy costs has in turn raised fears of a spike in inflation, and this has also pushed up yields on government bonds around the world.

    In the UK, yields on 10-year bonds were at their highest since 2007 today, while those on 20- and 30-year bonds were at levels not seen since 1998.

    This implies a higher cost of borrowing for the government, at a time when public finances are under pressure.

    But it could also have a direct impact on households as well, as it affects the rates paid by consumers for some financial products, such as fixed-rate mortgages.

    Yemen’s Houthis reportedly seize strategic Red Sea port of Mokha


    Oil
    Inflation
    Iran
    Middle East