Brent Hits $108 as Saudi Pipeline Shutdown Deepens Supply Fears
Traders said the outage could cut 4% of global oil supply as Yanbu stocks may cover only five to seven days of exports.
- Brent crude prices surged above $107 on Monday as escalating tensions in the Middle East stoked fears of supply disruptions, following Saudi Arabia's emergency shutdown of its critical East-West pipeline.
- Multiple drones launched from Iraq targeted the 1200-kilometre East-West oil pipeline in the Riyadh and Medina regions on Thursday, the Saudi Foreign Ministry reported.
- Oil prices jumped more than 2% on Monday as new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns.
- Export capacity at Yanbu port is limited to five to seven days, while Omani Foreign Minister Badr Albusaidi confirmed that a scheduled Monday meeting between Gulf countries and Iran regarding the Strait of Hormuz was postponed.
- Repairing the pipeline could take over a month due to a "lack of spare parts," ING commodity strategists reported, as the global energy market remains under severe strain.
79 Articles
79 Articles
Oil rose more than 2% after fresh strikes on Saudi Arabia <p>Brent and WTI prices rose more than 2% after attacks on Saudi infrastructure. Pipeline “East-West” temporarily closed.</p>
Oil prices rose by more than 2% with rising concerns about supplies following attacks on ships in the Gulf and the closure of the East-West pipeline, amid warnings of the continued crisis.
The tensions in Saudi Arabia drive up oil prices. After an attack on the East-West oil pipeline, the plant stopped.
Satellite images before and after the attack on Saudi Arabia's East-West pipeline have been released, showing the extent of the destruction on the Kingdom's key energy route.
The East-West pipeline, owned by Saudi Arabia, has been stopped. It is an announcement that could have a major impact on the oil market...
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