Disruptions in the Red Sea are driving oil and gas prices further up.

Omissions

• Reuters (12 Oct 2026) attributes the doubling of European wholesale gas prices 'largely due to the Iran war' and record-low storage, not primarily to Red Sea shipping disruptions.
• IEA commentary attributes the latest freight/oil price rally to drone attacks on Saudi Arabia's East-West crude pipeline on 11 September 2026, and other IEA material points to a Middle East supply shortfall and Strait of Hormuz risk as the dominant price drivers.
• Red Sea disruption primarily affects container shipping routes and freight rates; its direct pass-through to oil and gas prices is smaller than the effect of actual supply losses in the Gulf.
• The claim's causal framing (Red Sea disruptions 'driving' oil and gas prices up) presents one of several simultaneous Middle East supply shocks as if it were the decisive one.

Sources

• PrimaryIEA — The soaring cost of shipping is lifting the price of oil for consumersThe latest rally in freight rates followed a series of drone attacks on Saudi Arabia's East-West crude oil pipeline on 11 September 2026.
• SecondaryMacrotrends — Brent Crude Oil PricesBrent crude oil was $115.22 per barrel on October 20, 2026, up 89.8% from $60.71 a year earlier. The 2026 average so far is $95.34, compared with $69.14 for [2025].
• SecondaryReuters — Europe set for another year of high gas prices as reserves hit lowsEurope heads into winter with lowest gas storage on record · European wholesale gas prices have more than doubled largely due to the Iran war
• SecondaryEuronews — European gas prices hit highest point since MarchEuropean gas prices have surged 130% in 2026, and low storage and supply risks leave Europe vulnerable to a costly winter.
• SecondaryReuters — Saudi pipeline outage threatens loss of 4% of global oil supplyOil prices jump $3 on Houthi attacks, oil spill, highest settlement since April
• SecondaryUN News — Deadly attack on Red Sea ship adds to global supply chain concernsA strike on a merchant ship off the southern coast of Yemen that reportedly killed several seafarers on Tuesday threatens to reignite deep [supply-chain disruption]