Saudi Warnings Fuel Oil Price Surge Amid Pipeline Shutdown

Oil prices continued to surge on Tuesday after fresh warnings were issued in Saudi Arabia due to ongoing conflict with Iranian-backed Houthis.

The Brent futures rose by 1.2 percent to reach $107 per barrel, while US West Texas Intermediate (WTI) crude jumped 1.4 percent to $102.8 at 02:20 GMT.

The civil defense in Saudi Arabia issued emergency warnings on social media platform X for several cities, including Yanbu, Jeddah, Taif, Abha, and Jazan, but later lifted the alerts without providing details.

The shutdown of the East-West oil pipeline on Saturday after it was targeted by drones from Iraq has heightened concerns about Saudi Arabia's oil output. The US has resisted Saudi requests for direct military intervention beyond intelligence support.