Commodities
Saudi Pipeline Shutdown Sends Oil Prices Soaring
Oil prices rose after Saudi Arabia shut down its East-West pipeline following an attack on Saturday, exacerbating the global energy crisis.
The Brent crude price surged as much as 3.6% to above $108 a barrel before paring gains, while West Texas Intermediate was near $103.
Saudi Arabia announced late Friday that it had halted operations on the East-West pipeline as a precautionary measure due to the attacks.
The shutdown of this major crude pipeline will likely disrupt supply routes used to bypass the Strait of Hormuz, which has been a contentious issue during the US-Iran conflict.