Saudi Pipeline Closure Sends Crude Prices Soaring

Crude oil prices surged on Monday after a series of attacks on Saudi Arabia and Iranian ships in the Gulf raised concerns about global supply. The price of Brent crude futures rose by $2.90, or 2.77%, to $107.51 per barrel as of 2313 GMT, while WTI futures increased by $2.27, or 2.27%, to $102.32 per barrel.

The attacks came amid the closure of a key Saudi oil pipeline, which was shut down on Friday after a drone strike from Iraq. The loss of this pipeline threatens up to 4% of global oil supply and has led to a significant increase in oil prices. Oil surged 8% on the week due to these disruptions, rising above $100 for the first time since July.

Omani Foreign Minister Badr Albusaidi announced that a scheduled meeting between Gulf countries and Iran to discuss the Strait of Hormuz had been postponed. This development has raised concerns about the stability of oil supply and has led analysts to predict further price increases unless there is significant progress in negotiations or the pipeline is brought back online quickly.