Saudi Attacks Send Oil Prices Soaring Amid Supply Disruption Fears

Oil prices surged to new heights on September 15 amid concerns over potential supply disruptions following attacks on Saudi Arabian energy facilities.

The East-West pipeline, a critical route for oil exports, has been shut down, and the world's largest oil exporter is using it to reroute about 4 million barrels per day, roughly 4% of global supplies, to the port of Yanbu on the Red Sea.

Saudi Arabia could begin to deplete its exportable oil reserves within a matter of days if operations do not resume, which could potentially remove up to 4% of global oil supplies from the market.

Tim Waterer, chief market analyst at KCM Trade, explained that 'oil traders view every new attack or strike on infrastructure as an additional risk to supplies.'