Commodities
Oil Prices Spike as Saudi Pipeline Outage Persists
Oil prices surged on Tuesday as concerns over supply disruptions in the Middle East persisted. The US West Texas Intermediate (WTI) crude oil price rose to approximately $103.53 per barrel, up 2.11% from Monday's settlement of $101.39.
The Brent crude oil benchmark also climbed, reaching about $107.35 per barrel, a 1.58% increase from Monday's settlement of $105.68.
The main driver behind the price hike remains the ongoing outage of Saudi Arabia's East-West Pipeline, which normally allows Saudi crude to bypass the Strait of Hormuz and reach international markets.