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Commodities

Oil Prices Surge Amid Saudi Pipeline Outage and Fresh Middle East Attacks

Guavy AI Editorial Team
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Oil
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Oil prices rose on September 15 as concerns over supply disruptions persisted after attacks on Saudi Arabian energy infrastructure left the kingdom's East-West pipeline offline.

The pipeline, which allows oil exports to bypass the blockaded Strait of Hormuz, has been hit by attacks attributed to Iranian-backed fighters in Iraq and Yemen.

According to Tim Waterer, chief market analyst at KCM Trade, 'Oil traders are treating every fresh attack or infrastructure hit as incremental supply risk.'

The East-West pipeline is used to reroute around 4 million barrels per day, about 4% of global supply, to the port of Yanbu on the Red Sea.

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