By Jeslyn Lerh<\/p>\n
SINGAPORE, Sept 14 (Reuters) – Oil prices rose more than 2% on Monday, after new strikes on Saudi Arabian energy and civilian infrastructure and Iranian attacks on ships \u200cin the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline.<\/p>\n
Brent \u200ccrude futures rose $2.11, or 2.02%, to $106.72 per barrel at 0630 GMT. WTI futures gained $2.10, or 2.1%, to $102.15 per barrel.<\/p>\n
“This follows \u200ba step-up in attacks on Saudi Arabian energy infrastructure, including targeting the crucial east-west pipeline,” said ING commodity strategists, although noting that it was unclear how severe any potential damage was or how long the pipeline would be out of action.<\/p>\n
Saudi Arabia’s East-West oil pipeline was temporarily shut following a drone attack, \u200caccording to Saudi officials. The shutdown \u2060of the pipeline, which helps Saudi Arabia avoid the Strait of Hormuz and re-route its exports, threatens up to 4% of global oil supply.<\/p>\n
With the pipeline \u2060out of service, Yanbu has enough inventory to cover just five to seven days of exports, according to three industry sources familiar with Saudi Arabia’s exports.<\/p>\n
Saudi Arabian state media on Sunday released video footage of damage \u200bto homes \u200band a mosque from what it said was a \u200bHouthi attack on the country’s southern \u200cJazan province. The Houthis said they had also struck a Saudi military base in a neighbouring province.<\/p>\n
Meanwhile, a vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to be evacuated, the British maritime security agency UKMTO said on Sunday.<\/p>\n
Iran said one person was killed and four crew wounded aboard an Iranian commercial vessel struck off its coast.<\/p>\n
Yemen’s Iran-aligned \u200cHouthis reached the strategic island of Perim on Friday, moving \u200bto tighten their control over the Bab el-Mandeb strait, another \u200bkey oil transit lane that has been \u200bcarrying 4%-5% of global supply in recent months.<\/p>\n
Oil surged 8% higher last \u200cweek due to the disruptions, rising above $100 for \u200bthe first time since \u200bJuly.<\/p>\n
Omani Foreign Minister Badr Albusaidi said on X on Sunday, that a scheduled Monday meeting in Oman between Gulf countries and Iran to discuss the Strait of Hormuz had been postponed.<\/p>\n
No \u200bpeace talks have been held \u200con the war, launched six months ago by the United States and Israel, since an \u200binterim agreement in June collapsed.<\/p>\n
(Reporting by Colleen Howe in Beijing and Jeslyn Lerh in \u200bSingapore; Editing by Tom Hogue and Lincoln Feast.)<\/p>\n","protected":false},"excerpt":{"rendered":"
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