Oil prices climbed to WTI $99.7 and Brent $97.6 as shipping through the Strait of Hormuz remained largely frozen, while an attack on Saudi Arabia’s East-West pipeline cut capacity by about 700,000 barrels per day.
Oil prices rose, with WTI at $99.7 and Brent at $97.6, as shipping through the Strait of Hormuz remained largely frozen. The disruption was compounded by an attack attributed to Iran on Saudi Arabia’s East-West pipeline, which reduced capacity by about 700,000 barrels per day ahead of planned U.S.-Iran talks this weekend. The update adds concrete market and supply figures to the broader risk context previously outlined by German Chancellor Merz regarding Hormuz-related energy pressures.