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Saudi Pipeline Shutdown Sends WTI Crude Oil Price Soaring

Guavy AI Editorial Team
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The price of West Texas Intermediate (WTI) crude oil surged to around $98.00 on Monday, about 1.4% higher for the day, following news that a key Saudi pipeline was shut down due to drone attacks.

The pipeline, which carries 7 million barrels per day, was hit by drones from Iraq on Thursday and subsequently shut down as a precautionary measure by Saudi Arabia. The restart date is still unclear.

The shutdown of the pipeline has raised concerns about oil supplies, particularly for Asian refineries that rely heavily on Saudi crude. As a result, the price of WTI oil jumped to around $100.50 before selling off later in the day.

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