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Oil rises amid Saudi pipeline disruption
Oil prices rose by more than 1.7% on Tuesday evening due to growing concerns over global crude supplies following the disruption of the Saudi "East-West" pipeline caused by attacks targeting energy facilities, in tandem with renewed Houthi attacks against Saudi Arabia. Brent crude futures increased by $1.84 (1.75%) to $107.53, while West Texas Intermediate futures rose by $1.92 (1.89%) to $103.31, as traders monitor the impact of this disruption on oil supplies. The attacks on the pipeline, which transports oil to the Red Sea and bypasses the Strait of Hormuz, have led to its interruption. Meanwhile, the Houthi group has launched missile and drone attacks on Saudi bases, with threats of further escalation.
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