Oil Jumps Above $108 as Hormuz and Saudi Bypass Come Under Pressure
Oil prices jumped more than $3 as fresh attacks hit Saudi Arabia and shipping in Hormuz while the Saudi pipeline designed to bypass the strait remains offline.
Oil prices jumped more than $3 as fresh attacks hit Saudi Arabia and shipping in Hormuz while the Saudi pipeline designed to bypass the strait remains offline.
Donald Trump has suggested the United States could remain in Iran and ‘keep the oil’, raising questions about Washington’s end-state in the war.
Saudi Arabia may have only five to seven days of export stocks if its damaged East-West pipeline does not restart, putting around 4% of global oil supply at risk.
A vessel has been struck by a projectile in the Strait of Hormuz as attacks expose vulnerabilities in both the Gulf oil chokepoint and Saudi Arabia’s principal bypass.
Iran says an emerging understanding with Oman does not immediately reopen the Strait of Hormuz and has characterised it as a step towards Iranian sovereignty over the waterway.
Saudi Arabia has temporarily shut its East-West oil pipeline after drone attacks while Houthi forces have reportedly seized strategic Perim Island at the entrance to the Red Sea.