Oil Prices Rise on Saudi Pipeline Outage and Rising Red Sea Risks

AI Summary

Oil prices rose by about 1.7% amid outages to a Saudi pipeline and escalating conflicts near the Red Sea involving Iran-backed Houthis in Yemen, triggering concerns over Middle East oil supply disruptions. Brent Crude prices reached $107.45 per barrel while U.S. WTI crude held above $103 per barrel.

Oil prices continued to rise early on Tuesday, rallying by 1.7% in Asian trade, as the Iran-backed Houthis in Yemen are expanding their control over the west coast along the Red Sea, while the attacks on a key Saudi onshore oil pipeline triggered concerns about additional disruptions to already severely disrupted oil supply from the Middle East.   As of publication, Brent Crude prices were up by 1.67% in Asian trade at $107.45 per barrel. WTI Crude held above the $ 103-a-barrel mark it hit on Monday. The U.S. crude oil benchmark rose by 1.9%…