Brent Hits $108 as Saudi Pipeline Shutdown Deepens Supply Fears
Traders said the outage could cut 4% of global oil supply as Yanbu stocks may cover only five to seven days of exports.
- 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.
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80 Articles
Reformatorisch Dagblad
Oil prices rose again on Monday morning following the shutdown of the major east-west pipeline in Saudi Arabia after a drone attack. Additionally, talks between the Gulf states and Iran regarding the situation in the Strait of Hormuz, which were scheduled to take place in Oman on Monday, have been postponed.
Oil rose more than 2% after fresh strikes on Saudi Arabia <p>Brent and WTI prices rose more than 2% after attacks on Saudi infrastructure. Pipeline “East-West” temporarily closed.</p>
Oil prices rose by more than 2% with rising concerns about supplies following attacks on ships in the Gulf and the closure of the East-West pipeline, amid warnings of the continued crisis.
The tensions in Saudi Arabia drive up oil prices. After an attack on the East-West oil pipeline, the plant stopped.
Satellite images before and after the attack on Saudi Arabia's East-West pipeline have been released, showing the extent of the destruction on the Kingdom's key energy route.
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