Crude oil futures rise after Saudi pipeline shutdown
At 9.37 am on Tuesday, November Brent oil futures were at $107.05, up by 1.30 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $102.92, up by 1.51 per cent
Crude oil futures experienced an increase on Tuesday morning following the shutdown of Saudi Arabia's East-West pipeline and the postponement of talks between Gulf states and Iran. Brent oil futures were trading at $107.05, up 1.30%, while WTI crude oil was at $102.92, up 1.51%. September crude oil futures on the MCX rose by 1.53% to ₹9,866, and October futures increased by 1.31% to ₹9,438.
Experts noted that oil prices surged on Monday due to heightened tensions in West Asia and the shutdown of the 7 million barrels per day pipeline. The market remains uncertain about the extent of damage and the duration of the outage. It is estimated that Saudi Arabia might be offline for several weeks, with port stocks providing temporary support.
Oman postponed a meeting with Iran to reopen the Strait of Hormuz, complicating alternative export routes. US President Donald Trump commented on the situation, expressing openness to engaging with Iran but emphasizing the role of the Russia-Ukraine war in diesel price increases.
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