Brent Jumps to $108 After Saudi Pipeline Attack as Hormuz Shipping Remains Largely Halted
Updated
Updated · The New York Times · Sep 13
Brent Jumps to $108 After Saudi Pipeline Attack as Hormuz Shipping Remains Largely Halted
3 articles · Updated · The New York Times · Sep 13
Summary
Brent crude rose about 3.2% to $108 a barrel at Sunday’s open, while U.S. benchmark WTI gained roughly 2.9% to just under $103.
Saudi Arabia shut a critical pipeline as a precaution after a drone attack, deepening fears that Persian Gulf supplies will tighten further.
Those worries were amplified by reports that Houthi forces seized a strategic Red Sea island and a port city, adding pressure to regional shipping already disrupted in the Strait of Hormuz.
U.S. stock futures pointed slightly lower for Monday, while gasoline held at a $4.31 national average even as pump prices were up about 16 cents over the past week.
Before the war, as much as one-fifth of the world’s oil supply moved through Hormuz, and an Iran-Gulf Arab meeting planned for Sunday was postponed indefinitely.
As strategic pipelines shut down and fuel prices surge, how much higher will the cost of living climb before global reserves run dry?
With both major Middle Eastern shipping chokepoints under siege, could this coordinated drone strike trigger a permanent shift in global energy routes?
If the devastating pipeline attack originated in Iraq rather than Yemen, what hidden forces are truly orchestrating the collapse of global oil security?