U.S. crude surges past $105 after Saudi Arabia cancels some cargoes following pipeline closure

U.S. crude oil topped $105 per barrel on reports that Saudi Arabia has canceled some crude cargoes following a pipeline closure, according to market sources cited by CNBC. The move comes as Iran-backed Houthi militants in Yemen carried out renewed strikes on Saudi Arabia this week.

The disruption to Saudi export capacity has amplified existing tensions in global energy markets. Officials have not yet released formal statements on the extent of the infrastructure damage or timeline for restoration.