International oil prices rose after a major Saudi Arabian oil pipeline was shut down following an attack. The pipeline, which had been used to transport crude oil while bypassing the Strait of Hormuz during the Iran-Iraq War, is now out of operation, further straining global energy supplies.
After surging nearly 9% last week, Brent crude climbed toward $108 per barrel on Monday, while West Texas Intermediate (WTI) crude approached $103. European natural gas prices also rose, gaining as much as 3.8% at one point. Saudi Arabia announced late Friday that it had suspended operations on the East-West Pipeline for safety reasons following an attack the previous day; no timeline for resuming operations has been disclosed so far.