U.S. crude surges past $105 after Saudi Arabia cancels some cargoes following pipeline closure
Oil prices jump as Saudi Arabia suspends crude shipments amid reported infrastructure damage and renewed Houthi strikes.
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.
Sources
- U.S. oil tops $105 as Saudi Arabia reportedly cancels some crude cargoes after pipeline closure — CNBC — Top News
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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