On September 15, ConocoPhillips rose 3.03% in regular trading, trading at $140.84/share, with turnover of $4.14 billion. The rally was driven by a major supply disruption after Saudi Arabia shut down its key east-west oil pipeline following an attack, compounded by Houthi strikes in the Red Sea and shipping disruptions through the Strait of Hormuz.

Multiple export routes are now simultaneously impaired, severely constraining Saudi crude export capacity. The International Energy Agency warned that if Saudi Arabia fails to restart the pipeline within days, its export inventories will be depleted, potentially reducing global supply by up to 4%. The IEA noted Saudi oil supply had already fallen to its lowest level in over thirty years as of August due to reduced flows through the Strait of Hormuz and the Red Sea.

Separately, UBS raised its price target on ConocoPhillips to $169 from $153, maintaining a Buy rating, further bolstering sentiment. The broader Oil and Gas Exploration and Production sector rallied in tandem, with Apache up 4.26%, Devon up 3.71%, Diamondback up 3.15%, and EOG Resources up 3.12%.

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