Crude Oil Surges Past $108 As Saudi Pipeline Closure Escalates Supply Fears
India, Sept. 15 -- The situation in the Middle Eastern energy market is becoming unstable once again due to geopolitical tensions, leading to the concerns of yet another period of supplies' downfall. The difficulties in pipelines and shipping-related issues, considering the importance of the region's energy exports, are resulting in growing pricing of crude worldwide.
Oil Prices Rise on Supply Concerns
The prices of both Brent crude oil and West Texas Intermediate (WTI) oil went up during Tuesday's trade. The price of Brent crude oil was at $108.18 per barrel, whereas WTI oil was at $103.85. Both pivotal prices saw an increase of 1% from the previous session. The upward movement in the prices of crude oil was spurred by the disruption i...
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