Saudi Pipeline Shutdown Sends Oil Prices Soaring Amid Global Energy Crunch

Oil prices surged on Monday after Saudi Arabia shut down its major East-West pipeline following attacks, exacerbating the global energy crunch.

The Brent crude futures price rose by $3.62, or 3.46 per cent, to $108.23 per barrel as of 2214 GMT on Sunday, while WTI futures increased by $3.15, or 3.15 per cent, to $103.20 per barrel.

The pipeline shutdown is a significant blow to global oil supplies, particularly in light of the ongoing US-Iran conflict, which has already led to curtailed exports and disrupted shipping markets.

Saudi Arabia halted operations on the East-West pipeline as a precautionary measure after attacks on September 11. The exact duration of the shutdown is unclear.