Oil rises over $3 amid shipment disruptions

Oil prices rose by more than $3 after oil exports stopped at the Yanbu port in Saudi Arabia and three oil fields in Libya were disrupted, heightening concerns of continued supply disruptions for several weeks. Brent crude increased by 3.3% to reach $109.20, while West Texas Intermediate (WTI) rose by 5.01% to $106.46, the highest level in nearly four months. This halt coincided with Houthi attacks on Saudi Arabia's pipeline and the kingdom's closure of its export corridors, along with protesters blocking a pipeline in Libya. These events have fueled expectations that global oil supplies could decrease by up to 4% if the disruptions persist. Market officials noted that ongoing tensions could push Brent prices above $120 per barrel as attacks on regional oil infrastructure continue.

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