Saudi Strikes Send Oil Prices Soaring Over 3%
Oil prices surged over 3% on Monday after new strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East exacerbated supply concerns.
The Brent crude futures rose $3.43, or 3.3%, to $108.04 per barrel by 2:24pm PKT, while WTI futures gained $3.49, or 3.5%, to $103.54 per barrel.
The recent attacks have pushed oil prices around 9% higher last week, with Brent rising above $100 a barrel for the first time since July and hitting its highest since May at around $110.
Saudi Arabia's East-West pipeline was temporarily shut following a drone attack, threatening up to 4% of global oil supply. The shutdown of the pipeline puts pressure on the port of Yanbu on the Red Sea, which has enough inventory to cover just five to seven days of exports.