Oil rises after attacks on Saudi pipeline
By the AFREEQUE newsroom, based on Youm7
Global oil prices continued to rise after attacks targeted Saudi Arabia’s East-West oil pipeline, which transports about 4 million barrels a day to the Red Sea. Markets fear a disruption to supplies, according to the Egyptian daily Al-Youm Al-Sabea.
Global oil prices continued to rise after attacks targeted Saudi Arabia’s East-West oil pipeline. Brent, the global benchmark crude, reached $103.87 a barrel and West Texas Intermediate, the US benchmark, reached $100.30, according to the daily report published by the Egyptian General Petroleum Authority.
The targeted pipeline transports about 4 million barrels a day to the Red Sea. At the same time, maritime traffic in the Strait of Hormuz fell to four vessels a day, increasing geopolitical risk premiums as well as insurance and transport costs. Brent at $107.54 had already risen during a previous session.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
