Commodities
Saudi Pipeline Shutdown Sends Oil Prices Soaring Amid Supply Concerns
Global oil prices rose sharply on Monday amid concerns over supply disruptions following Saudi Arabia's temporary shutdown of its East-West oil pipeline after a drone attack.
The Brent crude futures increased $3.21, or 3.1 percent, to $107.82 a barrel, while US West Texas Intermediate (WTI) crude rose $3.17, or 3.2 percent, to $103.22 a barrel, according to Reuters.
Saudi Arabia temporarily shut the 1,200-kilometre East-West pipeline after the drone attack, which Riyadh and Baghdad said originated in Iraq.
The pipeline carries about 4 million barrels of oil per day, equivalent to up to 4 percent of global oil supply, and provides an alternative export route that bypasses the Strait of Hormuz.