Oil climbs on supply concerns

Oil prices rose sharply following attacks targeting energy infrastructure in the Gulf, which led to the suspension of the East-West pipeline, one of the most important routes for global oil supplies, transporting around 4 million barrels per day (approximately 4% of global supplies). The shutdown caused a decline in the movement of cargo ships through the Strait of Hormuz and raised fears of a supply shortage, especially as Saudi Arabia faces the depletion of its available export reserves in the coming days. At the same time, analysts pointed out that oil prices will remain strongly supported until the extent of the damages and the duration of the pipeline closure become clear, amid increasing risks to global oil supplies.

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