Commodities
Oil Prices Surge Amid Fears of Global Supply Disruptions
Oil prices rose about 1% on September 14 as concerns over global supplies intensified due to fresh strikes on Saudi Arabian energy infrastructure and attacks on Middle Eastern shipping.
The Brent crude futures price gained US$1.07, or 1.0%, to close at US$105.68 a barrel, while the US West Texas Intermediate (WTI) crude added US$1.34, or 1.3%, to settle at US$101.39 a barrel.
The East-West pipeline outage in Saudi Arabia has left the Red Sea port of Yanbu reliant on stored oil, which is estimated to sustain exports for five to seven days.