Oil prices rise as concerns over supply disruptions persisted after attacks on Saudi Arabian energy infrastructure left the kingdom’s East-West pipeline offline and cast doubt on efforts to ease shipping risks in the Gulf, according to Reuters.
Brent crude futures rise $1.24, or 1.18 per cent, to $106.93 a barrel at 0026 GMT, after climbing 1pc previously, while US West Texas Intermediate futures up $1.29, or 1.24pc, at $102.65 a barrel, after gaining 1.3pc in the previous session.
“Oil traders are treating every fresh attack or infrastructure hit as incremental supply risk, while staying highly sensitive to any sign that the East-West pipeline or Hormuz flows could normalise,” said Tim Waterer, chief market analyst at KCM Trade.
“The big question for traders right now is the duration of the East-West outage. Any prolonged disruption and the associated supply loss could easily push prices to the next level higher,” Waterer added.
