Commodities
Saudi Pipeline Outage Drives Oil Prices to New Heights
Oil prices have risen to $107 per barrel as Saudi Arabia's East-West pipeline faces an outage due to attacks on the route.
The key pipeline has a capacity of around 5 million barrels per day, making any prolonged disruption significant for global oil markets.
The outage is particularly concerning given the existing tensions in the Middle East and ongoing disruptions to energy flows through the region.
Brent crude futures rose 1.2% to $107 a barrel, while US West Texas Intermediate crude gained 1.5% to $103 a barrel.