Oil prices rise on Saudi pipeline drone attacks

Two pumping stations on a Saudi Aramco oil pipeline in Saudi Arabia were attacked by explosive-laden drones in the early morning local time yesterday, the official Saudi Press Agency (SPA) reported, citing Saudi Energy Minister Khalid al-Falih, who described the attack as one of “terrorism and sabotage.”

This development led oil prices that had been struggling for direction in earlier trade to jump.  WTI Crude was up 0.82 per cent at $61.54, while Brent Crude traded up 1.22 per cent at $71.09.

The drones laden with explosives targeted two pump stations on the East-West pipeline which carries oil from eastern Saudi Arabia to the Yanbu port.

 

Source: The Nation

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