Brent Crude Price Jumps as Saudi Pipeline Halted Amid Fresh Supply Threats
Brent Crude Oil prices surged above $104 on Monday as fresh supply threats rumbled through the oil markets. The price jump of over 2% comes after Saudi Arabia shut down a major pipeline as a precautionary measure following an attack by Iran-backed Houthis.
The attack, which targeted strategic locations along the Red Sea, has raised concerns over potential disruptions to energy supplies in the region. This is not the first incident involving energy infrastructure and transportation routes, with a drone attack on Thursday also causing alarm.
The postponement of a meeting between Iran and several Gulf states has further fueled supply concerns. The talks were expected to focus on a temporary agreement aimed at managing shipping through the Strait of Hormuz, a crucial route for global oil exports.