Middle East Oil Disruptions Spark Global Price Rise

Oil prices continued to rise on Tuesday, fueled by concerns over disruptions to Middle East oil supplies. The Iran-backed Houthis in Yemen expanded their control along the Red Sea's west coast, while a key Saudi onshore pipeline was attacked, forcing its shutdown.

The Brent Crude price rose 1.67% in Asian trade to $107.45 per barrel, with WTI Crude holding above Monday's $103-a-barrel mark at $103.26. The U.S. crude oil benchmark increased by 1.9% to $103.26.

The attacks on the Saudi pipeline have raised concerns about additional disruptions to already strained oil supplies from the Middle East. The pipeline, which redirects Saudi oil exports away from the Strait of Hormuz, may take weeks to repair, and oil for export at Yanbu's storage tanks may run out before it is restored.