Crude Oil Rises on Supply Concerns After Saudi Pipeline Shutdown
Crude oil prices surged nearly 3% to $103 per barrel as drone attacks in Saudi Arabia forced the shutdown of its East-West pipeline, raising concerns about global supply disruptions. The attack occurred after crude had already risen sharply last week by over 9%, reaching $99.90/bbl. The affected pipeline is a key infrastructure for transporting oil within the country and can carry significant volumes. Market participants are now closely watching how long the shutdown will last, as any prolonged disruption could further tighten global supply and push prices higher. Investors remain sensitive to geopolitical risks in major oil-producing regions like Saudi Arabia, which plays a central role in OPEC+ production decisions.
Topics: Crude Oil Saudi Arabia Supply Disruption