Oil prices rise after Saudi Arabia closes key pipeline
Crude oil prices surge as Saudi Arabia closes a key pipeline, lifting risk. See how tensions in the Strait of Hormuz are pushing WTI and Brent higher.
Crude oil prices climbed on Monday after Saudi Arabia closed a major pipeline that bypasses the Strait of Hormuz. West Texas Intermediate rose 4.7% to $104.72 per barrel by 8:41 a.m. ET, while Brent crude increased 4.7% to $109.56 per barrel.
The move came after a week of higher prices, with oil up about 9% as fighting between the U.S. and Iran intensified. The pipeline closure added to concerns about supply flows through a region that is important for global energy shipments.