Business & Markets
Oil prices jump as US diesel hits record
Oil prices jumped on Monday after Saudi Arabia closed a key pipeline amid the Middle East war, while US average diesel prices reached a record $6.23 a gallon and technology stocks came under pressure from renewed artificial intelligence warnings.
Brent crude was up 3.0 percent at $107.71 a barrel around 1015 GMT. West Texas Intermediate rose 2.9 percent to $102.90.
Saudi Arabia shut its East-West pipeline after drone attacks by Yemen's Houthis, and a merchant vessel was struck in the Strait of Hormuz. The developments added to concerns about energy supplies and inflation.
Investors are also expecting the US Federal Reserve to raise interest rates at a policy meeting on Wednesday. Chris Weston, an analyst at Pepperstone, said markets saw a 92 percent probability of a rate increase and assumed 50 basis points of tightening by the end of the year.
Technology shares fell across Asia. Tokyo-listed SoftBank dropped more than 10 percent, Kioxia lost more than six percent, and South Korea's SK hynix and Samsung also fell.
The selloff followed calls from technology figures for a slowdown in the development of powerful AI systems. Anthropic chief executive Dario Amodei called Saturday for AI companies to slow development, saying that addressing risks required more prudence. OpenAI's Sam Altman and xAI owner Elon Musk had earlier backed the appeal, according to the published account.
Russ Mould, investment director at AJ Bell, said oil and AI concerns were creating a “double headache” for investors, with bond yields rising and equity markets losing momentum.
European markets were mixed around midday. London's FTSE 100 rose 0.7 percent, helped by gains for oil companies Shell and BP, while Paris fell 0.8 percent and Frankfurt lost 0.5 percent.
The dollar strengthened, rising to 154.66 yen from 153.71 yen on Friday. The euro fell to $1.1542 from $1.1596, and the pound slipped to $1.3481 from $1.3527.
Update
Brent crude was up 3.0 percent at $107.71 a barrel around 1015 GMT.
West Texas Intermediate was up 2.9 percent at $102.90 a barrel around 1015 GMT.
US average diesel prices reached a record $6.23 a gallon.
European stock markets were mostly lower around midday, while London's FTSE 100 rose 0.7 percent.
The dollar strengthened against the yen, euro and pound.
Source note: AFP news report published on 14 September 2026 at 10:51:02 UTC.
Update
Asian technology shares fell Monday after calls by major AI executives to slow frontier AI development.
SoftBank fell more than 12%, Kioxia more than 7% and Advantest more than 2%.
Pepperstone's Chris Weston said swaps markets implied a 92% probability of a Federal Reserve rate hike and 50 basis points of tightening by year-end.
WTI rose 2.3% to $102.30 a barrel and Brent rose 2.2% to $106.93 around 0230 GMT.
Saudi Arabia closed its East-West pipeline following drone attacks, and a merchant vessel was struck in the Strait of Hormuz.
Oman postponed talks between Iran and Gulf states on the future of the strategic waterway.
Source note: AFP news report published on 14 September 2026 at 02:47:39 UTC.
Update
Brent crude was down 2.8% at $104.61 a barrel and West Texas Intermediate was down 2.4% at $100.05 around 2015 GMT.
Cresset Capital Management's Jack Ablin said investors were resigned to a Federal Reserve rate rise next week after the inflation data came in as expected.
Asian indexes closed lower, while Paris and Frankfurt each closed 0.8% higher.
The dollar was at 153.71 yen, the euro at $1.1596 and the pound at $1.3527 around 2015 GMT.
Source note: AFP news report published on 11 September 2026 at 20:33:33 UTC.
Update
US stock indexes were still higher around 1545 GMT, with the Dow up 1%, the S&P 500 up 1.1% and the Nasdaq up 1.3%.
European stocks closed higher, with Paris and Frankfurt both up 0.8%.
Brent crude was down 2.7% at $104.72 a barrel and WTI was down 3% at $99.46 around 1545 GMT, after Brent earlier nearly touched $110.
Average US diesel prices climbed above $6 a gallon for the first time.
eToro analyst Bret Kenwell said markets were pricing around a 90% probability of a Fed rate increase next week.
ING economist James Knightley said a Fed increase could be a one-off rather than the start of a series.
Source note: AFP news report published on 11 September 2026 at 15:56:48 UTC.
Update
About 20 minutes into trading, the Dow was up 0.9%, the S&P 500 was up 1.0% and the Nasdaq was up 1.1%.
Oil prices fell by more than 3% after strong gains earlier in the week.
Futures markets put the chance of a Federal Reserve rate hike next week at more than 83%, up from 72.4% on Thursday.
Interactive Brokers' Steve Sosnick and Briefing.com analyst Patrick O'Hare commented on the market reaction.
Source note: AFP news report published on 11 September 2026 at 14:20:49 UTC.
Update
US consumer inflation was unchanged at 3.4% year on year in August, while CPI rose 0.4% from July, according to the US Bureau of Labor Statistics.
Wall Street rose at the opening bell after the inflation data, with the Dow up 1%, the S&P 500 up 0.9% and the Nasdaq up 0.8% around 1345 GMT.
ING chief international economist James Knightley said Fed funds futures implied an 85% chance of a 25-basis-point rate increase.
Average US diesel prices rose above $6 a gallon for the first time on Friday.
Brent was down 3% at $104.38 a barrel and West Texas Intermediate was down 3.3% at $99.15 around 1345 GMT.
Source note: AFP news report published on 11 September 2026 at 14:09:45 UTC.
Update
Brent crude was down 3.5% at $103.82 per barrel at around 1045 GMT after almost touching $110 earlier.
West Texas Intermediate was down 3.2% at $99.18 per barrel at around 1045 GMT.
The International Energy Agency cut its global oil demand forecast for this year, citing the Middle East war escalation and higher energy prices.
European markets rose after earlier selling, while analysts said higher bond yields were limiting gains.
Aurel analysts said markets were pricing about a 70% chance of at least a quarter-point Federal Reserve rate increase next week.
Source note: AFP news report published on 11 September 2026 at 11:08:20 UTC.
Update
At around 0810 GMT, West Texas Intermediate was down 1.5% at $100.98 per barrel and Brent was down 1.6% at $105.91.
The dollar was at 154.23 yen, compared with 154.34 yen previously.
The FTSE 100 opened 0.1% higher at 10,616.87.
Source note: AFP news report published on 11 September 2026 at 08:31:55 UTC.
Update
Crude prices later fell more than 1% on Friday, while remaining well above last week's levels.
Tokyo's Nikkei 225 closed down 1.9%, Hong Kong fell 0.6% and Shanghai closed down 1.2%.
London opened slightly higher, while Paris and Frankfurt also advanced.
The dollar was at 154.13 yen at around 0715 GMT.
Source note: AFP news report published on 11 September 2026 at 07:50:00 UTC.
Uncertainty notes
The Federal Reserve's interest rate decision had not yet been made.
Market prices and index levels cited around 1015 GMT may change during the trading day.
Source
AFP news report published on .