Drone Attacks Send Oil Prices Soaring Past $108 Per Barrel

Oil prices surged to over $108 per barrel after a series of drone attacks on Saudi Arabia forced the country to close its east-west crude pipeline. The pipeline, which spans 745 miles, has been used to reroute about 4 million barrels of oil per day, roughly 4% of global supply.

Saudi traders warned that if the pipeline remains closed, the kingdom will run out of oil stocks for export within five to seven days. The attacks were launched from Iraq's territory and have raised concerns about the stability of the region.

The US President, Donald Trump, accused Iran of being responsible for the attacks, but the Iranian government has not commented on the matter.