Oil Prices Rise as Saudi Pipeline Outage, Fresh Attacks Raise Supply Concerns, Money News
Buyers and traders said Saudi Arabia could exhaust export crude within days if the East-West Pipeline stays shut, threatening up to 4% of global supply.
- Oil prices rose on Tuesday after attacks on Saudi Arabian energy infrastructure left the East-West Pipeline offline, raising concerns that damage to critical transport routes could take longer to repair.
- Friday's attacks, which Riyadh blamed on Iranian-backed fighters in Iraq, disrupted the East-West Pipeline and threatened up to 4% of global oil supply by preventing exports from bypassing the blockaded Strait.
- Commodity vessel traffic through the Strait dropped to four on Monday, down from 10 a day earlier, while Goldman Sachs warned prolonged pipeline closure could lift Brent prices toward $130 per barrel.
- The Houthis fired missiles at a military base in Khamis Mushait on Monday, while the Maritime Security Centre reported the Panama-flagged Gaia tanker suffered a fire in its engine room following an attack.
- Concerns over oil supplies intensified as Gulf Arab states postponed discussions with Iran, while Goldman Sachs projects Brent could rise above $120 if production deficits persist in 2027.
12 Articles
12 Articles
Brent rises above $107 as attacks, pipeline outage deepen Saudi supply concerns
Concerns over oil supplies intensified after Iran-backed Houthi forces in Yemen launched fresh attacks on Saudi Arabia on Monday, while Gulf Arab states postponed planned discussions with Iran
Oil prices rise as Saudi pipeline outage, fresh attacks raise supply concerns, Money News
Oil prices rose on Tuesday (Sept 15) as concerns over supply disruptions persisted after attacks on Saudi Arabian energy infrastructure left the kingdom's East-West pipeline offline and cast doubt on efforts to ease shipping risks in the Gulf.Brent crude futures rose US$1.24 (S$1.58), or 1.18 per cent, to US$106.93 a barrel at 12.26am GMT (8.13 am SGT), after climbing one...
Brent crude oil prices rose above $107 a barrel on Tuesday as markets worried about the possibility of a prolonged outage of the Saudi pipeline that...
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