Oil prices climbed as attacks on Saudi Arabian energy infrastructure raised fresh concerns about global oil supplies. The outage of the kingdom’s East-West Pipeline added to market worries.
Brent crude futures rose 21 cents, or 0.2 per cent, to $105.89 a barrel by 1148 GMT. The benchmark had earlier reached a session high of $108.43.
US West Texas Intermediate futures also moved higher during the session. WTI gained 90 cents, or 0.89 per cent, to reach $102.29 a barrel.
WTI had earlier climbed to $104.21, showing continued pressure in the oil market. Traders remained focused on the impact of attacks on Saudi energy infrastructure.
The East-West Pipeline remains offline following the attacks, increasing concerns about the movement of crude supplies. The disruption has added another risk to an already uncertain oil market.
Market concerns have also grown over the time needed to repair damaged energy infrastructure and transport routes. A prolonged outage could keep attention on supply availability.
The rise in oil prices reflects growing concern that infrastructure damage could affect crude flows for longer than initially expected. Markets are now closely watching developments around Saudi Arabia’s energy network.
