Saudi Oil Export Disruptions Send Oil Prices Soaring

Oil prices rose by $3 on Tuesday after shipping industry sources reported that crude loadings at Saudi Arabia's Red Sea export hub of Yanbu had been suspended and Riyadh had cancelled some cargo deliveries to European customers.

The disruptions have deepened concerns that the critical oil-export route could persist for weeks, with investors rushing into US West Texas Intermediate (WTI) crude as an alternative.

Brent finished up $3.07, or 2.9%, at $108.75 a barrel, while WTI closed up $4.44, or 4.38%, at $105.83 a barrel, both contracts closing at their highest since May 19.