Economy / Markets
Brent back above $107 as Saudi East–West pipeline stays offline and Hormuz traffic drops
Brent crude rose 1.18% to $106.93 per barrel in early Asian trade on Tuesday, with US WTI up 1.24% at $102.65 after gaining 1.3% on Monday. The Saudi East–West pipeline, which reroutes around 4 million barrels a day — about 4% of global supply — to Yanbu on the Red Sea, remains offline after drone strikes, and the kingdom could exhaust export capacity within days if it does not restart operations. Goldman Sachs's Daan Struyven told Bloomberg a sustained escalation could push oil to $120, while a normalisation would pull prices back towards $80.