Saudi Pipeline Shutdown Sends Brent Crude Prices Soaring

Crude oil prices surged on Monday after Saudi Arabia shut its East-West pipeline as a precaution following attacks, stoking supply fears.

The move comes amid heightened concerns over energy supply routes in the region. Brent crude jumped as much as 3.6% to touch $109.30 a barrel, while West Texas Intermediate (WTI) rose to around $103 a barrel.

Saudi Arabia halted the pipeline after attacks on Friday, and operations are expected to remain largely out of service for several weeks, according to regional officials.

Traders are also monitoring developments around the Bab el-Mandeb Strait, another key chokepoint for global energy supplies, as Houthi forces make advances in the region. Oil storage at Saudi Arabia's Yanbu facility can support exports for around five to seven days, raising concerns about supply disruptions beyond that.