Oil Prices Rise on Supply Fears
Saudi Pipeline Outage Raises Concerns
WOil prices rose on Tuesday as fresh attacks on Saudi Arabian energy infrastructure increased concerns over global oil supplies.
Brent crude futures gained $1.24, or 1.18%, to $106.93 a barrel, while U.S. West Texas Intermediate (WTI) rose $1.29, or 1.24%, to $102.65 a barrel.
The rise came after Saudi Arabia's vital East-West oil pipeline was left offline following an attack. The pipeline is an important route for transporting Saudi crude to the Red Sea, allowing exports to bypass the Strait of Hormuz.
The pipeline can carry around 4 million barrels of oil per day, equivalent to roughly 4% of global oil supply. Traders are concerned that a prolonged outage could put further pressure on already-tight global supplies.
Meanwhile, fresh attacks by Iran-aligned Houthi forces on Saudi Arabia and delays to planned Gulf-Iran talks have added to concerns that the wider Middle East conflict could further disrupt energy floows.rite the news article content here...