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Oil prices surge past $108, Brent crude hits $108.88/barrel, as Saudi pipeline shutdown, Houthi attacks and Libya disruptions fuel supply fears
Brent crude climbed 3% to $108.88 per barrel and U.S. West Texas Intermediate (WTI) rose 4.7% to $106.12 per barrel on Tuesday. The rally is driven by continued uncertainty over the reopening of Saudi Arabia's East-West Pipeline, fresh Houthi attacks on the kingdom, suspended oil loadings at Saudi's Red Sea export terminal, and Libya's National Oil Corporation suspending operations at three oil fields due to a pipeline valve shutdown. Goldman Sachs' senior commodity strategist noted these attacks increase the probability of Brent crude exceeding $120. U.S. diesel futures also rose over 5.9% to a record close.
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