Oil prices rise again due to closed oil pipeline in Saudi Arabia

Oil prices experienced a sharp increase this week, with Brent crude rising by 2.5 percent to 107.19 dollars and WTI oil climbing 2.6 percent to 102.91 dollars per barrel. These figures represent the highest market levels for both oil types since May, following a brief dip in prices late last week. The surge was triggered by Saudi Arabia's precautionary closure of a major oil pipeline following a drone attack on Saturday. This critical infrastructure had served as an essential alternative to the Strait of Hormuz, transporting between four and five million barrels of oil daily from the Persian Gulf to the Red Sea. Because this pipeline accounts for roughly 4 to 5 percent of global oil production, its shutdown has significantly disrupted supply chains. The reduction in available oil is directly impacting consumers at the pump, as diesel and gasoline prices climb toward record levels. Diesel is nearing its historical peak of 2.82 euros per liter, while gasoline prices are also trending upward, nearing 2.724 euros per liter.