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Commodities

Saudi Arabia Cancels Oil Shipments Amid Pipeline Disruption and Rising Tensions

Guavy AI Editorial Team
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Oil
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Saudi Arabia has informed at least two European oil refining customers that they will not receive their usual crude oil allocations in October, disrupting global energy markets. The decision comes as a result of escalating tensions in the Middle East and the disruption of the kingdom's East-West Pipeline.

The pipeline, which connects the Gulf to the Red Sea port of Yanbu, was damaged by a drone attack last week, according to Saudi authorities. This has forced the kingdom to reroute oil shipments through the Suez-Mediterranean Pipeline.

Brent crude, the international benchmark, rose following the Houthi offensive in Yemen, with prices trading at around $103 a barrel on Friday. However, energy analysts believe that this price does not fully reflect the physical cost of securing crude supplies.

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