Brent Hits $108 as Saudi Pipeline Shutdown Deepens Supply Fears
The shutdown threatens up to 4% of global oil supply as repairs could take weeks, traders and analysts said.
- 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.
192 Articles
192 Articles
A crucial Saudi oil pipeline hit in strikes will be mostly out of service for several weeks for repairs, officials say – WTOP News
CAIRO (AP) — A crucial Saudi oil pipeline hit in strikes will be mostly out of service for several weeks for repairs, officials say.
Saudi pipeline outage may last weeks as Houthis tighten Red Sea grip
Saudi Arabia's key East-West oil pipeline has been shut after an attack, with repairs expected to take weeks. The disruption, alongside Houthi gains on Red Sea islands, has sharpened fears over oil supplies and Yemen's escalating war.
Oil sources in the refining sector reported today that Asian refineries are preparing to cope with the scarcity of raw acid supplies, while waiting for guidance from Saudi Arabia on exports across the Red Sea after the attacks on the eastern pipeline.
Attacks have damaged Saudi Arabia's most important oil pipeline. Repairs could take six weeks, while scarce stocks and rising oil prices are burdening the market.
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.
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