Arab Finance: Oil prices extended their hike on Monday, September 14, rising more than 3% as fresh strikes on Saudi Arabia’s energy infrastructure heightened concerns over global supply disruptions, according to Reuters.
Brent crude futures jumped $3.43, or 3.3%, to $108.04 per barrel by 09:24 GMT, while US West Texas Intermediate (WTI) crude futures gained $3.49, or 3.5%, to $103.54 per barrel.
Last week, oil prices increased by nearly 9% as attacks in the Middle East escalated, with Brent rising above $100 a barrel for the first time since July and reaching around $110, its highest since May.
The surge has also pushed US diesel prices above $6 per gallon for the first time, prompting US President Donald Trump to call on Ukraine to halt attacks on Russian diesel infrastructure.
Saudi Arabia’s East-West pipeline was temporarily shut following a drone attack. The pipeline enables the kingdom to bypass the Strait of Hormuz and reroute oil exports through the Bab el-Mandeb Strait.
The disruption threatens to affect a pipeline system capable of handling oil volumes equivalent to as much as 4% of global supply, further intensifying concerns over the stability of global energy markets.
