Commodities
Saudi Pipeline Attack Sends WTI Crude Prices Soaring Above $100
The price of West Texas Intermediate (WTI) Crude Oil has risen to just above $100.00, up about 3% on the day.
This is its third straight weekly gain, and it comes as Saudi Arabia shut down its East-West pipeline after drones launched from Iraq's Maysan province hit the line.
The pipeline, built in 1981 to bypass the Strait of Hormuz during the Iran-Iraq war, can carry 7 million barrels a day, but Yanbu's berths can only load about 4.5 million barrels.
Riyadh blames Iran-backed militias for the attack and estimates it will take three to five weeks to repair the damage.