Saudi Pipeline Shutdown Drives Brent Crude to Record High

Brent crude prices have surged to over $108 as concerns about supply disruptions in the Middle East continue to weigh on markets.

The price rise comes after Saudi Arabia shut its key East-West oil pipeline following a drone strike that damaged the critical transportation route.

The pipeline, which has a capacity of around 7 million barrels per day, carries oil from Saudi Arabia's production areas near the Persian Gulf to export terminals on the Red Sea.

According to Reuters, Brent crude futures rose 3.19% to $107.51 a barrel as of 2313 GMT, while West Texas Intermediate crude futures increased by 2.27% to $102.32 a barrel.