India, Sept. 15 -- Brent crude oil futures are trading around $107 to $108 per barrel, continuing their sharp upward trajectory following serious supply threats in the Middle East. Prices surged by nearly 3% over consecutive sessions, driven primarily by the precautionary shutdown of Saudi Arabia's strategic East-West Crude Oil Pipeline.

Drivers of Price Surge

Saudi Pipeline Outage: The 1,200-kilometre East-West pipeline was hit by drone strikes launched from Iraq, causing visible structural damage to vital pumping stations. Saudi Aramco suspended operations to evaluate safety, effectively trapping up to 4 million barrels per day (bpd)-roughly 4% of global supply. Regional officials estimate that the system could remain out of service f...