Saudi Pipeline Shutdown Triggers 2% Jump in Global Oil Prices

Global oil prices rose significantly after new strikes on Saudi Arabia's energy infrastructure. The Brent crude futures price increased by $2.11, or 2.02%, to $106.72 per barrel, while WTI futures rose by $2.10, or 2.1%, to $102.15 per barrel.

The attacks on Saudi Arabia's East-West pipeline have raised concerns about oil supplies. Analysts noted that it is unclear how serious the damage might be and how long the pipeline will remain out of operation.

Saudi officials confirmed that the East-West oil pipeline was temporarily shut down following a drone attack. This closure threatens up to 4% of global oil supplies, according to Saudi officials.