Yemen's Houthi rebels launched a new round of attacks on Saudi Arabia, prompting the Kingdom to shut down its East-West Pipeline, which handles about 4% of global oil supply. Brent crude rose to $106.96 per barrel.
The attack led Saudi Arabia to shut down its East-West oil pipeline, exacerbating market concerns about persistent inflation and heightened geopolitical instability, thereby supporting gold's safe-haven appeal. Saudi authorities have not yet specified when the pipeline will resume operations.
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