Saudi Oil Pipeline Halted Amid Fresh Attacks, Prices Soar
Oil prices surged by over 3% on Monday after fresh attacks on Saudi Arabia and the Strait of Hormuz sparked concerns about supply disruptions.
The Brent crude futures rose to $107.82 per barrel, while WTI crude futures increased to $103.22 per barrel, according to data available as of 03:40 GMT.
ING strategists attributed the price hike to the escalation of attacks on Saudi Arabia's energy infrastructure, including a drone attack that temporarily halted the east-west oil pipeline, which accounts for up to 4% of global oil supplies.
Saudi authorities reported that the pipeline was closed due to the attack, and sources familiar with the situation said that oil reserves in Yanbu could only sustain five to seven days of exports after the temporary shutdown.