Commodities
Oil Prices Soar Amid Saudi Pipeline Outage and Middle East Attacks
Oil prices surged to new highs on Monday, rising over 3% amid supply concerns stemming from attacks on Saudi Arabian energy infrastructure and ships in the Middle East.
Brent crude futures climbed $3.43, or 3.3%, to reach $108.04 per barrel by 5:24 a.m. ET, while WTI futures gained $3.49, or 3.5%, to hit $103.54 per barrel.
The latest attacks on Saudi Arabia's East-West pipeline temporarily shut down the facility, threatening up to 4% of global oil supply and leaving the port of Yanbu with just five to seven days' worth of inventory.