Oil Prices Soar Amid Saudi Disruptions and Libyan Halt

Oil prices surged nearly $3 on Tuesday due to supply concerns after a report said oil loadings at Saudi Arabia's Red Sea port of Yanbu have been suspended, and Libya halted operations at three oil fields.

The Brent crude futures rose $2.81, or 2.66%, to $108.49 a barrel, while U.S. West Texas Intermediate futures increased by $3.29 to $104.68 a barrel.

This marked the highest prices for both contracts in nearly four months. The supply disruptions intensified after Iran-backed Houthi forces launched fresh attacks on Saudi Arabia on Monday.

Riyadh informed European customers that some late-September crude cargoes would be cancelled, and oil loadings at Yanbu were suspended, further underscoring the supply risks.