Brent Hits $108 as Saudi Pipeline Shutdown Deepens Supply Fears
The shutdown could remove about 4% of global oil supply, and analysts said Yanbu stocks may cover exports for only five to seven days.
- 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.
294 Articles
294 Articles
Iran backed Houthi attack on Saudi pipeline threatens global supply - Regional Media News
(The Center Square) - The Iran-backed Yemeni Houthi attack of a key Saudi Arabian East-West pipeline has restricted Persian Gulf exports of crude oil and other products causing gas prices to skyrocket just months ahead of the midterm elections. With 50 days to the midterm election, the Iran war and high gas prices and other increasing costs are expected to negatively impact Republicans, The Wall Street Journal reported. Gas prices as of Monday m…
The global oil market is running low on safety reserves, with analysts saying crude oil prices are unlikely to fall below $100 a barrel anytime soon after Saudi Arabia was forced to shut down its strategic Petroline pipeline, cutting exports by four million barrels a day, CNBC reported. Experts say Saudi stocks can act as a buffer for five to seven days, but if the outage lasts longer, prices could quickly spiral out of control. We'll be coverin…
The cost of Brent oil exceeded $107 per barrel due to the continued suspension of the strategic pipeline East-West in Saudi Arabia. The Brent oil trades above $107 per barrel, approaching the May maximum. The main reason for the spike was the suspension of the Saudi pipeline East-West after a series of attacks, written by Bloomberg. The exact time frame for infrastructure rehabilitation is not yet known. According to the regional authorities, th…
The Express Tribune
Oil climbs as Saudi pipeline outage, fresh attacks heighten supply concerns
Brent crude futures rise $1.37, or 1.3%, to $107.05 a barrel
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