Oil prices rally after Houthi attacks, Saudi pipeline closure

Brent and WTI crude oil prices rose by more than 8% last week and continued to surge on Monday morning following new Houthi attacks on various facilities in Saudi Arabia, as well as the closure of the strategic East-West Pipeline in the kingdom, according to Interfax.

November futures for Brent crude on the London ICE Futures exchange were trading at $107.17 per barrel as of 9:17 a.m. Baku time. This was $2.56, or 2.45%, higher than the previous close.

Last Friday, Brent futures fell by $3.02, or 2.81%, to $104.61 per barrel.

October futures for WTI crude in electronic trading on the New York Mercantile Exchange (NYMEX) rose by $2.56, or 2.56%, to $102.61 per barrel by the same time.

At the end of the previous session, WTI futures fell by $2.43, or 2.37%, to $100.05 per barrel.

Stabil.Az