U.S. Oil Tops $105 as Saudi Arabia Reportedly Cancels European Cargoes

Key Facts

Amid escalating geopolitical risks in the Red Sea, energy markets are experiencing intense buying pressure that has propelled crude prices higher. According to reports, U.S. crude oil prices surpassed the $105 per barrel mark, driven by news that Saudi Arabia canceled or deferred several shipments scheduled for European refiners in late September. This price action marks the tenth gain in the past eleven trading sessions, reflecting growing anxiety over the tightening of physical supply in global markets.

These developments occur at a critical juncture for the global energy sector, as persistent supply chain concerns continue to support bullish price momentum. Per analyst data, the reduction in Saudi exports to Europe compounds existing supply deficits, pushing West Texas Intermediate (WTI) beyond significant technical levels. This tightening of physical supply, combined with ongoing geopolitical instability affecting key shipping lanes, has effectively increased the risk premium embedded in futures contracts.

As of September 16, 2026, authoritative closing prices for specific instruments are currently unavailable in the database; however, the qualitative outlook remains bullish. Traders should monitor upcoming energy data for confirmation of supply trends, noting that recent indicators such as the API Crude Oil Stock Change and the OPEC Monthly Report have already highlighted fluctuations in global inventory levels and demand forecasts.