Oil rises as Saudi pipeline shutdown lifts Middle East supply concerns

  • Oil prices rose as Saudi pipeline shutdown and Yemen gains raised Middle East supply concerns.
  • Brent climbed 1.8% to $107.59, while WTI increased 1.9% to $103.30.
  • Brent and WTI remained below Monday’s highs after paring earlier gains.

Oil prices rose in early European trading Tuesday after Saudi Arabia’s East-West Pipeline was shut down and Houthi militants made recent territorial gains in Yemen, intensifying concerns about Middle East crude supplies. Brent crude futures gained 1.8% to $107.59 a barrel, while West Texas Intermediate (WTI), the U.S. oil benchmark, rose 1.9% to $103.30. Both contracts remained below Monday’s intraday peaks, when Brent reached $109.80 and WTI touched $104.35 before retreating. Brent later settled at $105.68, while WTI settled at $101.39.

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Oil rises as Saudi pipeline shutdown lifts Middle East supply concerns - CoinPost Terminal