Global crude oil prices rise over two percent
Summary
Global crude oil prices climbed more than 2 percent after Houthi rebel attacks on Saudi Arabia and Iranian strikes on vessels in the Gulf raised concerns about a major supply disruption. Brent crude and WTI both rose as fears grew over the closure of Saudi Arabia’s East-West oil pipeline and the impact on global inflation.
Key Points
- Brent crude rose 2.77 percent to 107.51 dollars per barrel, while WTI futures increased 2.27 percent to 102.32 dollars per barrel.
- The spike followed attacks on Saudi Arabia and vessels in the Gulf, along with the closure of Saudi Arabia’s East-West oil pipeline.
- The disruption threatens about 4 percent of global oil supplies and has added to inflation worries worldwide.
- Markets now expect the US Federal Reserve to raise interest rates by 25 basis points on Wednesday with 86 percent probability.
