Oil Prices Soar as Saudi Arabia and Libya Disrupt Global Supply

Oil prices surged on Tuesday after reports emerged of disruptions to key oil supply routes in Saudi Arabia and Libya, sparking concerns about ongoing conflicts affecting global energy markets.

Brent crude futures rose by $2.81 or 2.66% to reach $108.49 per barrel at 11:06 a.m. ET, while US West Texas Intermediate futures climbed by $3.29 to $104.68 per barrel.

The price hike comes after Houthi forces in Yemen launched fresh attacks on Saudi Arabia on Monday, forcing the kingdom to shut its East-West Pipeline and suspend oil loadings at the Red Sea port of Yanbu.

In Libya, operations at three oil fields were halted due to protests by members of the Petroleum Facilities Guard, which has threatened to expand the shutdown if its demands are not met.