Brent Hits $108 as Saudi Pipeline Shutdown Deepens Supply Fears
The shutdown could remove about 4% of global oil supply, traders said, as repairs may take weeks and exports through Yanbu are constrained.
- 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.
178 Articles
178 Articles
Saudi Arabia is using stored oil reserves to continue supplying international markets after drone attacks forced the closure of the strategic East-West pipeline, jeopardizing exports to Europe and Asia. The Saudi Energy Ministry announced on Friday that it had temporarily suspended pumping at the pipeline as a precaution after it was attacked by drones on Thursday in the Riyadh and Medina regions. According to Saudi and Iraqi authorities, the at…
Oil pipe bypassing Hormuz to reopen ‘soon,’ US Energy Chief says
A critical Saudi oil pipeline should be back online “soon” following it’s closure late last week after coming under attack, Energy Secretary Chris Wright said on Monday (Sep 14). Read more at The Business Times.
Morning Business Report: Oil prices rise after Saudi pipeline shutdown as Social Security faces funding shortfall
(LILAMAX)- Oil prices are rising after Saudi Arabia shut down a critical pipeline damaged by drones launched from Iraq. The pipeline can carry about 7 million barrels of oil per day and has played a key role in easing severe supply disruptions stemming from the Iran war. Meanwhile, Social Security continues to face significant long-term funding challenges. The Social Security...
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