Saudi Export Halt, Libya Outages Send Oil Prices Soaring

Oil prices surged nearly $3 on Tuesday as concerns over supply disruptions mounted. A report said Saudi Arabia has suspended oil loadings at its Red Sea port of Yanbu, and Libya halted operations at three oil fields.

Brent crude futures rose by 2.66% to $108.49 a barrel, while U.S. West Texas Intermediate futures jumped by 3.29% to $104.68 a barrel.

The price increases come as Iran-backed Houthi forces in Yemen launched fresh attacks on Saudi Arabia, forcing the kingdom to shut its East-West Pipeline. The pipeline is a vital export route that bypasses the Strait of Hormuz.

Russia hit petrol stations in Kyiv and Ukraine struck a Russian oil refinery, marking continued attacks on energy infrastructure in the region.