Saudi Oil Cancellations Send U.S. Crude Prices Soaring Past $105

U.S. crude oil prices surged past $105 per barrel on Tuesday as Saudi Arabia reportedly canceled or deferred shipments to some European refiners that were scheduled to load in late September.

The move is the latest development in a global energy market already under pressure from supply chain disruptions and geopolitical tensions.

At least one major European refinery was affected, with reports suggesting that Saudi Arabia has canceled or delayed several shipments of crude oil to this facility.

This news comes as U.S. crude oil futures have risen for the 10th time in the past 11 trading sessions.