Oil Prices Spike Amid Saudi Arabia Pipeline Closure

Global oil prices rose significantly after recent strikes on Saudi Arabia's energy and civilian infrastructure. The price of Brent crude futures increased by $2.11, or 2.02%, to $106.72 per barrel, while WTI futures rose by $2.10, or 2.1%, to $102.15 per barrel as of 06:30 GMT.

The attacks on Saudi Arabia's energy infrastructure have intensified, with a drone attack causing the temporary closure of the East-West pipeline. Analysts note that it is unclear how serious the damage might be and how long the pipeline will remain out of operation.

Saudi officials reported that the East-West oil pipeline was shut down following the drone attack. The closure threatens up to 4% of global oil supplies, as the pipeline helps Saudi Arabia avoid the Strait of Hormuz and redirect its exports.