Oil Prices Rise on Saudi Pipeline Outage and Rising Red Sea Risks
Oil prices continued to rise early on Tuesday, rallying by 1.7% in Asian trade, as the Iran-backed Houthis in Yemen are expanding their control over the west coast along the Red Sea, while the attacks on a key Saudi onshore oil pipeline triggered concerns about additional disruptions to already severely disrupted oil supply from the Middle East. As of publication, Brent Crude prices were up by…
Oil prices surged by 1.7% in early Asian trade on Tuesday, amid growing concerns over disruptions to Middle Eastern oil supply. This surge follows the ongoing expansion of Houthi control along Yemen's Red Sea coast and a recent attack on a key Saudi pipeline. As of publication, Brent Crude prices had increased by 1.67% to $107.45 per barrel, while WTI Crude held above the $103-a-barrel mark it reached on Monday.
The U.S. crude oil benchmark rose by 1.9% to $103.26. President Donald Trump responded to the price increase, hinting at possible negotiations with Iran, while Iran's Supreme National Security Council dismissed these claims. The attack on the East-West oil pipeline in Saudi Arabia has forced the shutdown of this pipeline, further raising prices due to fears of a prolonged disruption and potential depletion of storage tanks at Yanbu before the pipeline resumes full operations.
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