Saudi Port Loading Suspensions Send Oil Prices Soaring

Crude oil prices rose on Tuesday as supply disruptions heightened due to Saudi port loading suspensions and Libya's halt in operations at three oilfields.

The global benchmark, Brent crude, jumped 2.8% to $108.68 a barrel, while the US counterpart, WTI, surged 4.4% to $105.88 a barrel.

The disruptions are attributed to reports that oil loadings at the critical Saudi Arabian Red Sea port of Yanbu have been suspended and Libya has halted operations at three oilfields, citing the National Oil Corporation.

This comes as tensions between Saudi Arabia and Iran-backed Houthis in Yemen continue to escalate, with Houthi militants carrying out a fresh wave of attacks on Saudi targets.