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Market Insights > Daily Market Analysis New

Oil Holds Above $105 as Saudi and Libya Supply Disruptions Tighten Market

Published: 16 September 2026,01:28

Daily Market Analysis New

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Key Takeaways:

*Saudi Arabia suspended oil loadings at the Yanbu Red Sea port following an attack on its East-West pipeline.

*The pipeline disruption threatens a key alternative export route that bypasses the Strait of Hormuz.

*Fresh disruptions in Libya are adding to an already tight global supply outlook.

Market Summary:

Crude oil remained elevated above $105 per barrel as widening supply disruptions across Saudi Arabia and Libya reinforced concerns over global energy availability.

Saudi Arabia halted crude loadings at the Yanbu Red Sea terminal following an attack on its East-West pipeline. The route is particularly important because it allows Saudi crude exports to bypass the Strait of Hormuz, which has already faced significant disruption from the ongoing Middle East conflict.

Repairs to the pipeline could take several weeks, although partial operations may resume earlier. Saudi Arabia has also cancelled some late-September shipments to European customers, adding further pressure to near-term physical supply.

Supply risks have also expanded to Libya, where several oilfields were forced to halt operations following local protests. Although national production remains relatively stable for now, prolonged disruptions could tighten the market further.

Crude prices pulled back slightly after the recent surge as US inventory data showed an unexpected increase in stockpiles. However, the broader fundamental outlook remains supported by persistent geopolitical and supply risks.

For now, developments surrounding the Saudi East-West pipeline, Strait of Hormuz, Red Sea shipping and Libyan production remain the key catalysts for oil. Any further disruption could strengthen bullish momentum, while faster-than-expected restoration of supply could trigger a short-term correction.

Technical Analysis

Crude oil market chart with price lines and RSI/MACD indicators, showing a bullish signal dated 16 September 2026.

CL-Oil, H4

Crude oil prices are trading lower after retracing from the 105.60 resistance level, suggesting that upside momentum has started to weaken near recent highs.

Momentum indicators also suggest caution. The MACD is showing diminishing bullish momentum, while the RSI at 66 remains elevated and close to overbought territory, indicating that crude oil may experience a short-term technical correction.

If bearish momentum persists, crude oil could extend losses toward the 92.85 support level, followed by 80.35 if selling pressure intensifies.

However, if bearish momentum fails to sustain, the commodity may rebound and retest the 105.60 resistance level, with further upside toward 114.15 if buyers regain control.

Resistance Levels: 105.60, 114.15

Support Levels: 92.85, 80.35

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