Brent reportedly traded $5 a barrel above its pre-pipeline-strike level

A September 17 market update says near-term Brent futures were roughly $5 a barrel below recent highs, yet still $5 above their level before the East-West Pipeline was struck. It also says the premium for nearer deliveries over later ones remained substantially larger than before the strike.

Separate commentary argues that the Strait of Hormuz and Bab-el-Mandeb give Tehran and the Houthis leverage over energy prices—and, in turn, inflation and interest rates.