Commodities
Brent Crude Soars on Saudi Pipeline Attack
Brent crude oil prices surged to $108 per barrel earlier today before retreating slightly to $107.22, amidst escalating tensions in the Middle East.
The price increase follows news of a drone attack on Saudi Arabia's East-West pipeline, which could cut off an additional 4% of global oil supply and further reduce the country's already limited export capacity.
Saudi Arabia's Yanbu port has only enough oil for five to seven days of exports, according to unnamed sources quoted by Reuters, while Yemeni Houthi forces are expanding their control over the Red Sea waterway.