Oil rises as Libya warns of force majeure
Global oil prices rose today due to the Libyan National Oil Corporation suspending operations at three oil fields and threatening to declare a force majeure if the shutdown continues, heightening fears of supply disruptions. This comes amid the stoppage of a major Saudi pipeline following drone attacks, jeopardizing the flow of 2.6 to 4 million barrels per day. Repairs are expected to take between three to five weeks and could block approximately 4% of the world's oil supply. Oil prices remain high amid ongoing tensions and the postponement of talks to reopen the Strait of Hormuz.
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