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The global oil market is in turmoil. On one hand, the Strait of Hormuz is effectively closed. On the other, the Red Sea route is under pressure, and Saudi Arabia's East-West pipeline has sustained damage. The situation continues to deteriorate.

Despite the ongoing volatility in the global oil market, there is no change in petrol and diesel prices today. As of September 15, 2026, state-run oil marketing companies (OMCs) have kept retail prices stable. The fact that domestic petrol and diesel prices remain unchanged, despite significant fluctuations in international crude oil rates, comes as a relief to ordinary consumers.

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Crisis in global oil supply

The global oil market is currently facing a major crisis. The Strait of Hormuz route is already virtually closed due to the conflict between the US and Iran. Meanwhile, the Red Sea route is under pressure from Yemen's Houthi rebels, who are targeting Saudi tankers near the Bab-el-Mandeb Strait.

To navigate these challenges, Saudi Arabia had relied on its 1,200 km-long East-West pipeline; however, the pipeline was recently damaged in Iraqi drone attacks. With the East-West pipeline shut down, Saudi Arabia is left with only 5 to 7 days' worth of exportable reserves at the Red Sea port of Yanbu. According to sources, it could take another 5-6 weeks to repair this pipeline.