Commodities
Saudi Supply Risks Send Brent Crude Prices Soaring
Brent crude oil prices have surged to $104.32 after an 8.84% increase last week, fueled by concerns over Saudi Arabia's supply risks.
The attacks on Saudi Arabia's East-West Pipeline and reduced Yanbu loadings are narrowing the Kingdom's bypass capacity around the Strait of Hormuz, exacerbating the situation.
China is facing a tightening crude-supply squeeze, with buyers turning to Oman and ESPO barrels due to reduced access to Saudi and Iraqi grades. This has put pressure on strategic reserves.