Commodities
Oil Price Surges to $106 Amid Saudi Pipeline Disruption
The oil price surged above $106 as Saudi Arabia's East-West pipeline remained offline following attacks, and diplomatic efforts between Iran and Gulf states were postponed.
The disruption of the pipeline, which can carry approximately 4 million barrels per day, has raised concerns about a prolonged reduction in available crude supplies. The Saudi pipeline outage could last for three to five weeks, according to Associated Press reporting.
The conflict is putting pressure on global oil markets as several supply risks converge across the Middle East. Iran-backed Houthi forces launched fresh attacks on Saudi Arabia, while planned talks between Iran and Gulf Arab states over the Strait of Hormuz were postponed.