Oil climbs as Saudi pipeline outage, fresh attacks heighten supply concerns

Oil prices have climbed on Tuesday as concerns over supply disruptions persist following attacks on Saudi Arabian energy infrastructure. The East-West pipeline, which allows oil exports to bypass the blockaded Strait of Hormuz, has been offline since attacks by Iran-backed Houthi forces in Yemen. This has raised doubts about efforts to ease shipping risks in the Gulf, with Brent crude futures rising $1.37, or 1.3%, to $107.05 a barrel, and U.S. West Texas Intermediate futures up $1.53, or 1.51%, at $102.92 a barrel.

Analysts are treating each fresh attack or infrastructure hit as incremental supply risk, and the Strait of Hormuz vessel traffic has dropped to fewer than 10 transits a day, down from a 10-day average of 14.

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