BUSINESS
Saudi oil pipeline shutdown drives crude prices above $105 amid Houthi attacks
Saudi Arabia shut down a critical pipeline bypassing the Strait of Hormuz following attacks by Iran-backed Houthi militants, causing global oil prices to spike. Brent crude exceeded $109 per barrel and U.S. crude topped $105, with diesel reaching all-time highs. Saudi officials indicated the pipeline could restart operations within days, with additional crude supplies reportedly easing some concerns.
NEWOil prices began falling after the U.S. announced the damaged pipeline would restart operations in days and Saudi Arabia reportedly offered additional crude supplies via Hormuz to offset disruptions.
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The pipeline shutdown highlights escalating attacks from Iran-allied militant groups on Saudi energy infrastructure, disrupting global energy supplies and pushing prices to concerning levels. However, reports of pipeline repairs and additional Saudi crude offerings suggest the supply shock may be temporary.
CNU.S. oil falls below $100 as Saudi Arabia reportedly offers more crude via Hormuz after pipeline attackCNOil prices fall after U.S. says damaged Saudi pipeline will restart operations in daysCNU.S. oil tops $105 as Saudi Arabia reportedly cancels some crude cargoes after pipeline closureCNBrent crude tops $109 after Saudi Arabia shuts down critical pipeline that bypasses Strait of HormuzNNDiesel pushes to new all-time high as oil prices jump after key Saudi pipeline is shut