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 reports that Saudi Arabia's Red Sea port of Yanbu had halted oil loadings, amid Libya's suspension of operations at three oil fields, sparking fears that disruptions to crucial oil supply routes could endure for weeks. Brent crude futures surged $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 at 11:06 a.m. ET (15:06 GMT).
If prices remain elevated, both contracts would close at their highest levels in nearly four months. Supply uncertainties have escalated following Iran-backed Houthi forces in Yemen's recent attacks on Saudi Arabia on Monday, coupled with Gulf Arab states' postponement of planned talks with Iran. The latest assaults came after the Houthis struck Saudi Arabia's East-West Pipeline on Friday, compelling the world's top crude exporter to suspend the crucial export pipeline.
Additionally, shipping industry sources disclosed to Reuters on Tuesday that oil loadings at Saudi Arabia's Red Sea export terminal in Yanbu had been suspended, exacerbating supply concerns.
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.
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