Oil price today: Brent crude rises as Saudi pipeline outage raise supply concerns
Oil prices, specifically Brent crude and WTI, rose over 1% due to intensified global supply concerns following attacks disrupting Saudi Arabia’s East-West pipeline and the postponement of talks between Gulf Arab states and Iran. The attacks, blamed on Iran-backed Houthi forces, could remove up to 4% of global oil supply.
Why it matters
Rising oil prices contribute to global inflation, impacting economies and consumer costs worldwide. The geopolitical tensions in the Middle East, particularly involving Saudi Arabia and Iran, directly affect energy markets and global stability.
Oil prices rose more than 1% on Tuesday as concerns over global supplies intensified after attacks disrupted Saudi Arabia’s East-West pipeline and planned talks between Gulf Arab states and Iran were postponed.Brent crude futures gained $1.24, or 1.18%, to $106.93 a barrel at 0026 GMT, after rising 1% in the previous session. US West Texas Intermediate (WTI) crude futures climbed $1.29, or 1.24%, to $102.65 a barrel, following a 1.3% increase on Monday.Iran-backed Houthi forces in Yemen launched fresh attacks on Saudi Arabia on Monday, targeting the Khamis Mushait military airbase in the country’s south.The Houthis said the missile and drone attack was carried out in retaliation for Saudi strikes in Yemen. The assault reportedly targeted aircraft hangars, radar systems, runways and ammunition depots.The latest attack followed strikes on Friday that Riyadh blamed on Iran-backed fighters in Iraq.
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