International crude prices climbed sharply in early Asian trading on Sept. 14, with both WTI and Brent at one point up 3% on the day, according to Bitget market data. The move followed a string of security and diplomatic disruptions tied to the Gulf region. Last Thursday, a drone launched from Iraq struck Saudi Arabia’s east-west oil pipeline, forcing the Saudi government to shut the route. Riyadh did not disclose how badly the pipeline was damaged or how long the shutdown may last. The pipeline can carry 7 million barrels a day and has served as a key route for easing the risk of severe supply disruptions tied to Middle East conflict. Separately, a diplomatic meeting scheduled for Monday in Oman between Iran and Gulf Arab states to discuss the situation in the Strait of Hormuz was suddenly postponed after the pipeline attack. The UK Maritime Trade Operations center also said security conditions in Hormuz remain highly fragile after another tanker was attacked on Sunday, triggering a serious fire onboard.
International crude prices rose in early Asian trading on Sept. 14, with both WTI crude and Brent crude at one point extending their intraday gains to 3%, according to Bitget market data.
The move came after a drone launched from Iraq struck Saudi Arabia’s east-west oil pipeline last Thursday, forcing the Saudi government to shut down the key crude artery. Riyadh did not disclose the extent of the damage or how long the closure may last.
A diplomatic meeting that had been scheduled for Monday in Oman, where Iran and Gulf Arab states were set to discuss the situation in the Strait of Hormuz, was also suddenly postponed after the pipeline attack.
The Saudi pipeline has a daily transport capacity of 7 million barrels and has played a key role in easing severe oil supply disruptions linked to conflict in the Middle East.
Separately, the UK Maritime Trade Operations center said security conditions in Hormuz remain precarious. Another oil tanker was attacked on Sunday, causing a major fire onboard.
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