Oil Prices Surge as Saudi Pipeline Remains Offline After Drone Attack

Oil prices continued to climb on Tuesday, reaching $107.3 per barrel for Brent crude after rising as high as $109.80 earlier in the session. The price increase is due to a drone attack last week that shut down Saudi Arabia's East-West oil pipeline, also known as Petroline.

The pipeline was targeted by multiple drones on September 10 in the Riyadh and Madinah regions, causing injuries and damage. As a precaution, Saudi authorities closed the pipeline, which is expected to take three to five weeks to repair.

U.S. Energy Secretary Chris Wright told Bloomberg that he expects the pipeline to resume operations soon, saying 'you'll see the pipeline back running very soon.' Wright has been in continuous contact with Saudi authorities and stated that technical teams are assessing the damage.