Oil jumps nearly $3 as Saudi export halt, Libya outages stoke supply fears
NEW YORK — Oil prices rose nearly $3 on Tuesday after a report said oil loadings at Saudi Arabia's Red Sea port of Yanbu have been suspended, and Libya halted operations at three oil fields, heightening concerns that disruptions to key oil supply routes could persist for weeks. Brent crude futures were up $2.81, or 2.66 percent, at $108.49 a barrel at 1106 a.m. ET (1506 GMT), while U.S. West…
Oil prices surged nearly $3 on Tuesday following news that Saudi Arabia's Red Sea port of Yanbu has suspended oil loadings and Libya has halted operations at three oil fields, fueling worries that key oil supply routes could face prolonged disruptions. Brent crude futures climbed $2.81, or 2.66 percent, to $108.49 a barrel, while U.S. West Texas Intermediate futures jumped $3.29 to $104.68 a barrel, both poised to end at their highest levels in nearly four months.
Supply anxieties have grown after Iran-backed Houthi forces in Yemen resumed attacks on Saudi Arabia on Monday, and Gulf Arab states canceled scheduled talks with Iran. The most recent assaults came after a Houthi strike on Saudi Arabia's East-West Pipeline on Friday, prompting the kingdom, the world's largest crude exporter, to halt the crucial export route.
Shipping industry sources reported on Tuesday that oil loadings at Saudi Arabia's Red Sea export terminal in Yanbu had been suspended, further highlighting supply risks.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
