Commodities
Oil Prices Soar as Saudi Arabia's Pipeline Attack Exacerbates Global Supply Crunch
Saudi Arabia's decision to cancel or delay multiple shipments of crude oil to European refiners has sent global oil markets into a state of stress.
The move follows an attack on the East-West pipeline, which is expected to take up to six weeks to fully restore its capacity of 4-5 million barrels per day.
The disruption has led to a spike in oil prices, with benchmark Brent crude trading above $105 per barrel, up from $80 just a few weeks ago.
The impact on refined petroleum products has been particularly severe, with diesel prices hitting all-time highs of over $6 per gallon in the US.