Aramco Pipeline Attack Sends Oil Prices Reeling Amid Global Uncertainty

Saudi Aramco has suspended crude oil deliveries to at least two European refining customers in October due to damage to its East-West pipeline from a drone attack on September 10. The pipeline, which transports up to 7 million barrels of oil per day, was damaged at three pumping stations, with officials aiming to restore around half of the capacity within days.

European refiners are now seeking alternative supplies, including increased volumes from the North Sea, after receiving notifications from Aramco that they will not receive their usual shipments. Poland's Orlen has issued over 10 tenders for replacement cargoes since last Friday.

The disruption in oil supply has led to a decline in Brent crude prices by 1.56% to $103.19 a barrel, while West Texas Intermediate fell by 2.17% to $99.7. However, gold prices rose to a one-week peak, with spot gold at $4,378.49 an ounce, up 0.88%.

Bitcoin also surged 6% on September 18, reaching $81,000 after trading near $77,000 most of the week, following the US Securities and Exchange Commission's announcement of a five-year exemption for tokenized stocks under certain conditions.