Oil prices rose on Tuesday as concerns over supply disruptions persisted after attacks on energy infrastructure in Saudi Arabia caused the East-West pipeline to shut down, casting doubt on efforts to mitigate shipping risks in the Gulf. Brent crude futures rose by $1.24, or 1.18%, to $106.93 a barrel, after climbing 1% earlier. US West Texas Intermediate (WTI) crude futures gained $1.29, or 1.24%, reaching $102.65 a barrel, following a 1.3% increase in the previous session. Tim Waterer, chief market analyst at KCM Trade, stated: 'Oil traders are treating every new attack or targeting of infrastructure as an additional threat to supply, while remaining hyper-sensitive to any indication that flows through the East-West pipeline or through the Strait of Hormuz might return to normal.' Traffic of commodity transport vessels through the Strait of Hormuz dropped to fewer than 10 daily transits over the weekend, down from an average of 14 over a 10-day period, raising concerns about the route that typically carried about a fifth of global oil supplies before the start of the US-Israeli war on Iran on February 28. Source: Reuters
Oil prices rose on Tuesday as concerns over supply disruptions persisted after attacks on energy infrastructure in Saudi Arabia caused the East-West pipeline to shut down, casting doubt on efforts to mitigate shipping risks in the Gulf. Brent crude futures rose by $1.24, or 1.18%, to $106.93 a barrel, after climbing 1% earlier. US West Texas Intermediate (WTI) crude futures gained $1.29, or 1.24%, reaching $102.65 a barrel, following a 1.3% increase in the previous session. Tim Waterer, chief market analyst at KCM Trade, stated: 'Oil traders are treating every new attack or targeting of infrastructure as an additional threat to supply, while remaining hyper-sensitive to any indication that flows through the East-West pipeline or through the Strait of Hormuz might return to normal.' Traffic of commodity transport vessels through the Strait of Hormuz dropped to fewer than 10 daily transits over the weekend, down from an average of 14 over a 10-day period, raising concerns about the route that typically carried about a fifth of global oil supplies before the start of the US-Israeli war on Iran on February 28. Source: Reuters
Oil prices rose on Tuesday as concerns over supply disruptions persisted after attacks on energy infrastructure in Saudi Arabia caused the East-West pipeline to shut down, casting doubt on efforts to mitigate shipping risks in the Gulf. Brent crude futures rose by $1.24, or 1.18%, to $106.93 a barrel, after climbing 1% earlier. US West Texas Intermediate (WTI) crude futures gained $1.29, or 1.24%, reaching $102.65 a barrel, following a 1.3% increase in the previous session. Tim Waterer, chief market analyst at KCM Trade, stated: 'Oil traders are treating every new attack or targeting of infrastructure as an additional threat to supply, while remaining hyper-sensitive to any indication that flows through the East-West pipeline or through the Strait of Hormuz might return to normal.' Traffic of commodity transport vessels through the Strait of Hormuz dropped to fewer than 10 daily transits over the weekend, down from an average of 14 over a 10-day period, raising concerns about the route that typically carried about a fifth of global oil supplies before the start of the US-Israeli war on Iran on February 28. Source: Reuters
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Oil Rises as Saudi Pipeline Halts and New Attacks Occur
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