WTI Slips Near $100.50 Amid Escalating Middle East Supply Disruptions

The West Texas Intermediate (WTI) oil price has slipped to near $100.50 despite escalating supply disruptions in the Middle East.

Saudi Arabia canceled several September crude deliveries to European customers following drone attacks that forced the emergency closure of its crucial East-West pipeline, which serves as a vital alternative shipping route to bypass the Strait of Hormuz.

The Houthi militants, backed by Iran, have renewed their attacks in the region, leaving no clear operational timeline for reopening the strategic pipeline.

In North Africa, Libya's national oil company was forced to suspend operations across two major oilfields and a pumping station due to persistent local protests.