Brent crude hits $108 as a drone-induced shutdown of Saudi Arabia's critical East-West pipeline threatens 4 million barrels per day of supply, leaving Asian refiners scrambling for clarity on loading schedules.
Saudi East-West pipeline shutdown threatens 4 million bpd of crude shipments, driving Brent prices higher.
Brent crude prices surged to $108 per barrel following the temporary shutdown of Saudi Arabia's East-West pipeline. The closure, triggered by drone attacks, threatens the transit of 4 million barrels per day of crude oil through the Red Sea port of Yanbu. Asian refiners are currently seeking urgent clarification on loading schedules as market uncertainty regarding Middle East supply chains intensifies.
The pipeline serves as a vital alternative route for Saudi crude, allowing the Kingdom to bypass the Strait of Hormuz and export oil from the Red Sea port of Yanbu.