Oil Hovers at Over 4-Month Highs
Crude oil held above $105 per barrel on Wednesday, remaining near its highest levels in over four months amid broadening supply disruptions in the Middle East. Saudi Arabia reportedly cancelled some shipments after drone attacks forced the closure of the East-West pipeline, notifying European customers that several September deliveries had been scrapped. There is still no clear timeline for when operations at the key pipeline, which provides an alternative route around the Strait of Hormuz, will resume, as Iran-backed Houthi militants renewed attacks on Saudi Arabia this week. In Libya, the national oil company also suspended operations at two oilfields and a pumping station amid ongoing protests. Beyond the Middle East, Russia struck petrol stations in Kyiv, while Ukraine targeted a Russian oil refinery, despite US President Trump’s announcement that both sides had agreed to halt attacks on each other’s energy infrastructure.
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Crude oil held above $105 per barrel on Wednesday, remaining near its highest levels in over four months amid broadening supply disruptions in the Middle East. Saudi Arabia reportedly cancelled some shipments after drone attacks forced the closure of the East-West pipeline, notifying European customers that several September deliveries had been scrapped. There is still no clear timeline for when operations at the key pipeline, which provides an alternative route around the Strait of Hormuz, will resume, as Iran-backed Houthi militants renewed attacks on Saudi Arabia this week.
In Libya, the national oil company also suspended operations at two oilfields and a pumping station amid ongoing protests. Beyond the Middle East, Russia struck petrol stations in Kyiv, while Ukraine targeted a Russian oil refinery, despite US President Trump’s announcement that both sides had agreed to halt attacks on each other’s energy infrastructure.