Oil prices rose nearly $3 on Tuesday after a report said oil loadings at Saudi Arabia's Red Sea port of Yanbu have been suspended, and Libya halted operations at three oil fields,
Oil prices rose nearly $3 on Tuesday after a report said oil loadings at Saudi Arabia's Red Sea port of Yanbu have been suspended, and Libya halted operations at three oil fields, heightening concerns that disruptions to key oil supply routes could persist for weeks.
Brent crude futures were up $2.81, or 2.66%, at $108.49 a barrel at 1106 a.m. ET, while U.S. West Texas Intermediate CLc1 futures were up $3.29 at $104.68 a barrel. If prices hold, both contracts would be on track to close at their highest in nearly four months.
Supply concerns have intensified after Iran-backed Houthi forces in Yemen launched fresh attacks on Saudi Arabia on Monday, while Gulf Arab states postponed planned discussions with Iran.
The latest strikes followed a Houthi attack on Saudi Arabia's East-West Pipeline on Friday that forced the kingdom, the world's largest crude exporter, to shut the vital export route.
Further underscoring supply risks, shipping industry sources told Reuters on Tuesday that oil loadings at Saudi Arabia's Red Sea export terminal in Yanbu had been suspended. The report came after sources said Riyadh had informed European customers that some late-September crude cargoes would be cancelled.
In Libya, separately from the Iran
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