Brent up 2.9% to $107.64 after Oman postpones Hormuz talks; more than 10 million barrels a day still shut in

The first Sunday print in electronic trade, at 6:14 p.m. Eastern time, put Brent at $108.23, up $3.62 or 3.46%, Reuters reported. By 7:42 p.m. that handle was gone: Brent was at $107.64, still $3.03 or 2.9% above Friday's $104.61 settle, and West Texas Intermediate was at $102.48, up $2.43 or 2.4% from $100.05. Oman had taken Monday's Hormuz shipping meeting off the calendar, with no new date. The physical map did not change with it.

Gulf output still shut in, Dated crude at $113.48

More than 10 million barrels a day of Gulf output remain shut in, according to the International Energy Agency's September Oil Market Report. Saudi Arabia's Energy Ministry said Friday it had closed the East-West pipeline, the land bypass to Red Sea terminals, as a precaution after multiple drone attacks on Thursday in the Riyadh and Madinah regions. That line had been moving around 4 million barrels a day to Yanbu, around 4% of global supply, Reuters reported. Riyadh has not published an official throughput for the shutdown and has not announced a reopening. The IEA report also said North Sea Dated crude had surged to $113.48 a barrel on September 9 and that "backwardation reached extreme levels" as Atlantic Basin barrels tightened. Sunday's $107.64 sits below that Dated print.

Brent had settled Friday at $104.61, down $3.02 or 2.81%. Reuters said that session reversed after a Financial Times report that Middle East foreign ministers were working on a temporary Hormuz shipping arrangement.

Jazan strike hit a mosque, not an oil facility

Saudi Civil Defence said a Houthi projectile fell in Al-Tuwal governorate in the Jazan region on Saturday, wounding two people and damaging a mosque, several buildings, and vehicles. The Houthis claimed they had targeted a military base in Sharurah in neighboring Najran province, a claim Saudi authorities did not corroborate. No source in the Sunday reporting established that Saudi crude exports, refining throughput, or Aramco facilities were taken offline by that incident.

Separately, the United Kingdom Maritime Trade Operations said a vessel transiting the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to evacuate. That is an incident report, not a new transit tally. The last Reuters count, published Thursday, put Hormuz transits at seven on Wednesday, down from 12 on Tuesday and below a 10-day average of 14. No official Saturday or Sunday total was established.

Oman takes Monday's Hormuz meeting off the calendar

Omani Foreign Minister Badr Albusaidi said the regional meeting scheduled for Monday in Salalah had been postponed "in the interests of consensus," with no replacement date. Iran's Fars news agency, as quoted by Al Jazeera, said the delay was requested by some countries in the region and was a joint decision by Tehran and Muscat. The gathering had been framed as talks between Iran and Gulf Arab states on shipping through the strait. Reuters reported Saturday that a signed Hormuz deal was not expected from the session in any case.

$4.16 gasoline meets a Fed meeting already priced for a hike

The Sunday crude move is an input to pump prices, not a same-day change at the station. A barrel holds 42 gallons, so Brent's $3.62 open jump is about 8.6 cents a gallon of crude cost, before refining, taxes, distribution, and retail margins. RBOB gasoline futures were at $3.18 a gallon as of 7:35 p.m. Eastern time, up 1.9%.

The pump is already elevated. The U.S. Energy Information Administration put regular gasoline at $4.16 a gallon in the week ended September 7, up 8.6 cents on the week and 96.5 cents from a year earlier. On-highway diesel was $5.97, up 36.8 cents on the week and $2.20 from a year earlier. The gasoline CPI rose 3.9% in August, the Bureau of Labor Statistics said on September 10, and the energy index was up 16.3% over the 12 months ending in August. Those figures are already in the Federal Reserve's file. Sunday's crude print feeds the readings that follow, not the one Chair Kevin Warsh's committee votes on Wednesday.

CME FedWatch implied an 85% chance of a 25-basis-point increase at that September 16 meeting after Friday's inflation report. The 10-year Treasury yield finished Friday at 4.96%, the latest posted Treasury close. A Sunday oil open does not reprice that coupon. It is another inflation impulse into a decision the futures market already treated as a hike.

Energy funds last traded Friday, when crude was falling

U.S. listed energy funds are closed until Monday. Their last prints are Friday's, when Brent and WTI were falling and tanker freight was still rising. United States Oil Fund BUSO, which holds near-month WTI futures and has no published letter, closed at $154.90, down 2.2%. United States Brent Oil Fund CBNO, built around the near-month Brent contract and graded C under etf.net's published method, closed at $61.37, down 2.8%. State Street's S&P 500 energy fund AXLE, graded A, rose 0.3% to $65.14. Amplify's tanker-freight fund DBWET, graded D, rose 11.8% to $726.92.

DBWET holds forward freight agreements on the Middle East Gulf-to-China crude run, the route that prices Hormuz tightness directly. Those contracts were already last week's price on the strait, and 113% higher over a month, on $264 million of assets and a 3.50% expense ratio.

BUSO had 45% of assets in the November 2026 WTI contract as of Sunday's holdings file; CBNO had 54% in November Brent. Those are the lines that will move first with Monday's crude. AXLE is an equity basket, not a barrel: Exxon Mobil is 20.1% of the fund, Chevron 15.2%, with refiners Marathon Petroleum, Phillips 66, and Valero another 16.5% combined.

Monday's cash session is the first chance for those wrappers to trade Sunday's crude. It will not reopen the East-West line that had been moving those 4 million barrels a day, restore Monday's Hormuz meeting, or settle whether the Jazan projectile removed any Saudi barrels; the available evidence says it did not. The tanker contracts already spent last week putting a number on that wait. Wednesday's FOMC vote is the week's other date.