Commodities
Saudi Pipeline Closure Drives Brent Crude to Four-Month High
The price of Brent crude oil rose to $107 per barrel after the temporary closure of Saudi Arabia's East-West pipeline, which transports crude from eastern Saudi Arabia to export terminals on the Red Sea coast.
The pipeline was closed due to attacks launched from Iraq, and its importance has grown since the US-Iran conflict began. Under normal circumstances, around five million barrels of oil daily would exit through terminals in the Persian Gulf.
Riyadh used the East-West pipeline as a strategic alternative corridor during the Hormuz Strait closure and subsequent sanctions on Iran.