Commodities
Saudi Pipeline Attacks Send Oil Prices Soaring Above $107 a Barrel
Oil prices rose sharply on Tuesday as attacks on Saudi energy infrastructure and falling traffic through the Strait of Hormuz raised concerns about global oil supplies.
The price of Brent crude climbed above $107 a barrel, while US West Texas Intermediate futures gained $1.53 to $102.92 a barrel.
The attacks on Saudi Arabia's East-West pipeline disrupted the kingdom's ability to move crude to international markets, and shipping through the Strait of Hormuz has fallen sharply, from 14 transits a day to fewer than 10.
Saudi buyers and traders warned that the kingdom could begin exhausting oil available for export within days if pipeline operations are not restored, potentially removing a significant volume of crude from international markets.