Commodities
Oil Prices Climb as Saudi Pipeline Outage Rears Supply Concerns
Oil prices rose on Tuesday as concerns over supply disruptions persisted after attacks on Saudi Arabian energy infrastructure left the kingdom's East-West pipeline offline.
The attacks, carried out by Iran-backed Houthi forces in Yemen, also cast doubt on efforts to ease shipping risks in the Gulf.
Brent crude futures rose $1.24, or 1.18 per cent, to $106.93 a barrel at 0026 GMT, while US West Texas Intermediate futures were up $1.29, or 1.24 per cent, at $102.65 a barrel.
Saudi Arabia could begin to exhaust oil available for export within days unless it restores operations on the East-West pipeline, potentially removing as much as 4 per cent of global oil supply from the market, according to Saudi buyers and traders.