Oil climbs as Saudi pipeline outage, fresh attacks heighten supply concerns
Oil prices rose on Tuesday as concerns over supply disruptions persisted after attacks on Saudi Arabian energy infrastructure left the kingdom's East-West pipeline offline and cast doubt on efforts to ease shipping risks in the Gulf.
Brent crude futures rose $1.37, or 1.3%, to $107.05 a barrel at 0406 GMT, while U.S. West Texas Intermediate futures were up $1.53, or 1.51%, at $102.92 a barrel. Both benchmarks rose more than 1% in the previous session.
'Oil traders are treating every fresh attack or infrastructure hit as incremental supply risk, while staying highly sensitive to any sign that the East-West pipeline or Hormuz flows could normalise,' said Tim Waterer, chief market analyst at KCM Trade.
Commodity vessel traffic through the Strait of Hormuz dropped to fewer than 10 transits a day over the weekend, from a 10-day average of 14, raising concerns over a route that typically carried about one-fifth of global oil supplies before the U.S.-Israeli war on Iran began on February 28.
Reuters
Oil prices rose on Tuesday as concerns over supply disruptions persisted after attacks on Saudi Arabian energy infrastructure left the kingdom's East-West pipeline offline and cast doubt on efforts to ease shipping risks in the Gulf.
Brent crude futures rose $1.37, or 1.3%, to $107.05 a barrel at 0406 GMT, while U.S. West Texas Intermediate futures were up $1.53, or 1.51%, at $102.92 a barrel. Both benchmarks rose more than 1% in the previous session.
'Oil traders are treating every fresh attack or infrastructure hit as incremental supply risk, while staying highly sensitive to any sign that the East-West pipeline or Hormuz flows could normalise,' said Tim Waterer, chief market analyst at KCM Trade.
Commodity vessel traffic through the Strait of Hormuz dropped to fewer than 10 transits a day over the weekend, from a 10-day average of 14, raising concerns over a route that typically carried about one-fifth of global oil supplies before the U.S.-Israeli war on Iran began on February 28.
Reuters
Oil prices rose on Tuesday as concerns over supply disruptions persisted after attacks on Saudi Arabian energy infrastructure left the kingdom's East-West pipeline offline and cast doubt on efforts to ease shipping risks in the Gulf.
Brent crude futures rose $1.37, or 1.3%, to $107.05 a barrel at 0406 GMT, while U.S. West Texas Intermediate futures were up $1.53, or 1.51%, at $102.92 a barrel. Both benchmarks rose more than 1% in the previous session.
'Oil traders are treating every fresh attack or infrastructure hit as incremental supply risk, while staying highly sensitive to any sign that the East-West pipeline or Hormuz flows could normalise,' said Tim Waterer, chief market analyst at KCM Trade.
Commodity vessel traffic through the Strait of Hormuz dropped to fewer than 10 transits a day over the weekend, from a 10-day average of 14, raising concerns over a route that typically carried about one-fifth of global oil supplies before the U.S.-Israeli war on Iran began on February 28.
Reuters
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Oil climbs as Saudi pipeline outage, fresh attacks heighten supply concerns
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