Commodities
Drone Attack on Saudi Pipeline Sends Oil Prices Soaring
Oil prices surged in September after a drone attack on Saudi Arabia's strategic East-West pipeline, heightening fears of another major disruption to global crude oil supplies.
The incident occurred on September 10 when Saudi Arabia shut down the East-West pipeline due to damage caused by a drone attack launched from Iraq. The pipeline transports oil to the Red Sea coast and plays an important role in Saudi exports.
As a result, Brent crude oil futures rose by more than 14% this month, trading near $104 per barrel. U.S. West Texas Intermediate (WTI) crude increased by over 6%, surpassing $91 per barrel.