Oil Prices Rise Above $100 as Houthi Attacks Shut Saudi Pipeline and Disrupt Hormuz Shipping

TLDR

• Brent crude rose over 2% to $106.72 per barrel; WTI climbed to $102.15 following fresh Houthi attacks on Saudi Arabia
• Saudi Arabia shut its key East-West oil pipeline after a drone strike, threatening up to 4% of global oil supply
• Houthis seized control of the island of Perim, tightening their grip on the Bab el-Mandeb strait
• Planned Iran-Gulf talks in Oman on the Strait of Hormuz were postponed indefinitely
• Oil has now surged over 8% in the past week, trading above $100 for the first time since July

Oil prices climbed more than 2% on Monday after a fresh wave of Houthi attacks on Saudi Arabian energy infrastructure and new strikes in the Strait of Hormuz raised fears of major supply disruptions across the Middle East.

Brent crude futures rose to $106.72 per barrel, while West Texas Intermediate gained to $102.15. At one point during early trading, Brent surged as high as $108.41.

Saudi Arabia’s East-West Pipeline Shut Down

Saudi Arabia confirmed it had shut its East-West pipeline after a Houthi drone strike. The pipeline is a critical alternative route that lets Saudi Arabia move oil without passing through the Strait of Hormuz.

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