Crude oil prices rally as the closure of a vital Saudi pipeline threatens global supply, compounding an energy crisis already fueled by the US-Iran conflict and regional maritime tensions.
WTI surged near $103 as Saudi pipeline shutdown deepens oil supply concerns amid US-Iran war.
Brent rose toward $108, driven by the closure of the Saudi East-West pipeline disrupting global crude flows.
European natural gas surged as the energy crisis deepened due to oil supply disruptions, lifting gas prices.
Global oil prices surged as Saudi Arabia halted its critical East-West pipeline following recent attacks, further straining supply chains already disrupted by the US-Iran conflict. Brent crude climbed toward $108 a barrel while WTI traded near $103, as markets brace for potential output cuts and prolonged regional instability.
The pipeline serves as a vital bypass for the Strait of Hormuz, allowing Saudi Arabia to transport up to 7 million barrels of oil per day to Red Sea ports, maintaining export flows during regional maritime conflicts.