Saudi Pipeline Disrupted, Oil Prices Soar Toward $108

Drone attacks on Saudi Arabia's East-West pipeline sent Brent crude oil prices soaring toward $108 per barrel, while U.S. gas prices hit a new high of over $4.30 per gallon.

The pipeline shutdown was the latest in a series of disruptions to global energy supplies, and it has left traders and analysts bracing for the worst.

According to CNBC, Brent crude oil prices eased back slightly after U.S. Energy Secretary Chris Wright said that the pipeline would be running again 'in days.'

However, independent analysts are warning that repairs could take weeks, not days, and that the strait itself has emptied out with roughly one-fifth of the world's oil supply normally passing through it.

The fallout from the pipeline shutdown is being felt across financial markets, with Treasury yields climbing toward 5% as investors price in stickier inflation from higher energy costs. Bitcoin fell alongside bonds, according to 24/7 Wall St.