Oil Rises More Than 2 Percent Following Houthi Attacks on Saudi Arabia, Pipeline Shutdown
Saudi Arabia's East-West oil pipeline remains shut following a Sept. 11 drone strike.
TL;DR
- Oil prices climbed more than 2 percent on Sept. 14.
- Escalating Houthi attacks on Saudi Arabia and strikes on commercial shipping contributed to the price increase.
- The shutdown of a key Saudi oil pipeline also influenced market sentiment.
- Brent crude futures rose 2.8 percent to $107.54 a barrel.
- U.S. West Texas Intermediate futures gained 2.9 percent to $102.93 per barrel.
- The Houthi attacks targeted Saudi Arabia's Jazan Region, resulting in injuries and property damage.