Commodities
Brent Crude Prices Surge Above $100 Amid Escalating Saudi Supply Risks
Brent crude oil prices have held above $100 as Saudi Arabia's supply risks escalate.
The price of Brent surged by 8.84% last week, reaching $104.32.
The increase can be attributed to attacks on Saudi Arabia's East-West Pipeline and reduced loadings in Yanbu, which has narrowed the Kingdom's bypass capacity around the Strait of Hormuz.
China is also facing a tightening crude-supply squeeze, with buyers turning towards Oman and ESPO barrels due to reduced access to Saudi and Iraqi grades. This has put additional pressure on strategic reserves.