High oil prices and escalating regional tensions in light of the war between the United States and Iran

Oil prices rose slightly today, Tuesday (September 15, 2026), after attacks by the Houthis, allied with Iran, on energy infrastructure in Saudi Arabia, raising concerns that it will take longer to repair damage to energy infrastructure and transportation routes.

Saudi Arabia, the world's largest crude oil exporter, closed its east-west pipeline due to an attack targeting it last week, and is facing challenges from Houthi attacks in Yemen in the Red Sea region and continued shipping disruptions in the Strait of Hormuz.

Reuters quoted three sources as saying that Saudi Arabia informed its European customers of the cancellation of some crude oil shipments scheduled to be loaded in late September.

Sources in the shipping sector told Reuters today that loading oil at the Saudi port of Yanbu on the Red Sea was suspended due to an attack launched by the Houthi group, but Saudi Aramco refrained from commenting.

In Germany, wholesale prices rose last August at their strongest pace in three and a half years. The Federal Statistical Office in Wiesbaden announced on Tuesday that prices rose by 6.8 percent compared to the same month last year. The office explained that military operations in Iran and the Middle East are still the decisive factor behind the rise in prices in August 2026.

A report by the Pentagon Inspector General estimates that the US operation against Iran, between February 28 and June 30, cost about $33.4 billion. The report stated that the consumption of ammunition during Operation Epic Rage caused a shortage in strategic stocks. The Pentagon report stated that despite the extensive use of interceptor missiles, Iranian strikes damaged and destroyed hundreds of buildings and facilities at American bases in Kuwait, Bahrain, Qatar, the Emirates, Saudi Arabia, Iraq, Oman, and Jordan.

US President Donald Trump reiterated on Monday (September 14, 2026) his openness to dealing with Iran with the aim of putting an end to the war with it. Trump's statements came after Gulf countries postponed a scheduled meeting with Iran after the Houthis launched a new attack on Saudi Arabia.

On the other hand, Iran denounced preventing the head of the Iranian Atomic Energy Organization, Mohammad Islami, from entering Austria to participate in the general conference of the International Atomic Energy Agency. US Energy Secretary Chris Wright confirmed that Washington rejected Islami's request for an exemption from sanctions.

European Commission President Ursula von der Leyen denounced on Monday (September 14, 2026) the “continuous attacks” launched by “Iranian agents” in the Gulf region, following the recent attacks launched by the Yemeni Houthis on Saudi Arabia.

For its part, Iran denied any involvement in the conflict in Yemen, stressing that the Houthis are completely independent. Over the past period, the Houthis have repeatedly announced targeting areas in Saudi Arabia, and on Monday they announced a rare attack with drones and missiles on King Khalid Air Base in Khamis Mushait in southern Saudi Arabia.