Oil rises after Saudi shuts crucial pipeline outlet
Saudi Arabia shut a pipeline that had served as a crucial outlet for crude amid the closure of the Strait of Hormuz. Brent, around $104/bbl before the closure, climbed above $107.
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11:43:49 AM UTC
SquawkNews
By Farhan RafidOil prices rose in early European trading Monday after attacks shut a key Saudi oil pipeline and Houthi militants in Yemen tightened their grip on the Bab al-Mandeb Strait, adding pressure on Middle East crude-export routes already constrained by the U.S.-Iran conflict.Front-month Br…
Oil prices jumped after Saudi Arabia closed a pipeline that had been a key outlet for crude while the Strait of Hormuz remained shut. Brent crude, the global benchmark, was around $104 a barrel before the closure and moved above $107. Analysts said the price could…