Commodities
Saudi Pipeline Shutdown Sends WTI Crude Prices Soaring
WTI crude futures are trading near $99.40 per barrel during Asian hours on Monday, after dropping almost 4% in the previous session.
The price rebound is taking prices back toward levels last seen nearly four months ago, with traders responding to fresh disruptions in Middle East oil infrastructure following a drone strike that forced Saudi Arabia to halt flows through its key East-West pipeline.
The Saudi East-West pipeline, which has an estimated capacity of around 7 million barrels per day, plays a central role in bypassing the narrow and strategically sensitive Strait of Hormuz.