Saudi Oil Exports Paralyzed as East-West Pipeline Remains Offline

Saudi Arabia's East-West pipeline remains offline due to further strikes on the route and nearby facilities, causing oil prices to surge at the start of the week.

The key pipeline, which transports 7 million barrels per day, has been out of commission since last week's attacks. As a result, physical grades of crude have skyrocketed, with North Sea Ekofisk trading at $126/bbl and Oman quoted at $135/bbl in Asian markets on Monday.

Brent November contracts on ICE Futures also rose by $2.65 to $107.26 per barrel, as the global oil market reacts to the ongoing disruption to Saudi Arabia's oil exports.