Saudi Pipeline Closure Sends Oil Prices Soaring

Oil prices surged more than 2% on Sunday after Saudi Arabia shut down its critical East-West pipeline that bypasses the Strait of Hormuz.

The damage was caused by drones launched from Iraq, forcing the Saudi government to close the key crude oil artery.

Riyadh has not disclosed how badly the pipeline is damaged or how long it will remain shut.

U.S. West Texas Intermediate futures were up 2.3% to $102.38 per barrel by 6:02 p.m. ET, while Brent crude, the international benchmark, traded 2.3% higher to $107.02 per barrel.