Pipeline Shutdown Sends Oil Prices Soaring, Bitcoin Plummeting

Saudi Arabia's decision to shut its East-West pipeline due to Houthi attacks and cancel September oil cargoes for European refiners has sent shockwaves through global markets.

WTI crude prices jumped from $99.99 to $105.83, with Brent climbing from $104.47 to $108.75 over the same period.

The pipeline closure added fresh uncertainty around regional oil supplies and tightened markets, pushing Treasury yields higher and weighing on risk assets such as Bitcoin.

Bitcoin fell alongside bonds in the same session, with its 90-day correlation with gold reaching 0.50, its highest since 2020.