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.
226 Articles
226 Articles
Brent's oil cost about 7 million barrels a day when the Saudi oil pipeline East West stopped, and some of the market's growth was lost because of new diplomatic signals from the United States.
Watauga Democrat
Iran backed Houthi attack on Saudi pipeline threatens global supply
(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.
(New York = Yonhap News) Correspondent Kim Yeon-sook = International oil prices rose on the 14th (local time) as Saudi Arabia's key oil pipeline was shut down.
A major Saudi oil pipeline that was hit by a drone strike on Friday may remain out of service for weeks. Two regional officials told the Associated Press that repair work is expected to take between three and five weeks. Saudi Arabia uses the 1,200-kilometer-long East-West Pipeline, which runs straight through the country, to transport crude oil from ports on the Persian Gulf to ports on the west coast, on the Red Sea. From there, the oil can b…
If the blockade of Ormuz was not enough pressure for the world oil market, the tension grows after the conquest of the Red Sea coast by the Houthis of Yemen, allies of Tehran, and the closure by Saudi Arabia of the pipeline that crosses the kingdom from East to West after suffering a drone attack. Every hour that passes it is more difficult to export oil from the Middle East and the price of the barrel is around 108 dollars (94 euros). Diplomacy…
The oil sees the 110 dollars per barrel after the escalation in the Middle East that has knocked out the Saudi oil pipeline Petroline, the last way out of the crude oil from the Gulf. The gas over 80 euros, the pressure on the government bonds, with the Treasury at 10 years to 5%: the markets had held thanks to the bet on the AI, but now also the last bank creaks, with the alarm of the owners of the AI on the security that anger Trump: "A hoax!"
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