Oil at $109/bbl the Houthis took out the East-West oil pipeline.
So much winning.
Oil prices surged higher after a wave of attacks on Saudi Arabia’s oil infrastructure last week forced Riyadh to shut a vital export pipeline.
The kingdom, the world’s top oil exporter, then pulled out of a regional meeting with Iran scheduled for Monday, setting back regional efforts to de-escalate hostilities over the Strait of Hormuz.
Brent crude, the international oil benchmark, rose as much as 5 per cent to $109.80 a barrel on Monday. It later settled at $109.80, up 1 per cent for the day.
Riyadh announced late Friday that it was shutting the pipeline — which became crucial to the kingdom’s ability to export crude from its oil-rich east to its west coast after Iran throttled shipping through the Hormuz Strait — following a drone attack from Iraq, where Iran-backed Shia militias and Iran’s Revolutionary Guards are active.
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