Saudi Export Disruptions Fuel Oil Price Surge

Oil prices rose sharply on Tuesday after Saudi Arabia's Red Sea export hub of Yanbu suspended crude loadings, deepening concerns that disruptions to a critical oil-export route could persist for weeks.

The move came as Riyadh canceled some cargo deliveries to European customers, forcing investors to rush into U.S. crude as an alternative.

WTI futures outpaced Brent on Tuesday, with gains of $4.44 or 4.38% to close at $105.83 a barrel, while Brent finished up $3.07 or 2.9% to $108.75 a barrel, both closing at their highest since May 19.

The East-West pipeline, which carries oil from the east to Yanbu on the west coast, was forced to shut down after attacks by Yemen's Iran-aligned Houthis, threatening up to 4% of global oil supply.