Houthi Strikes Threaten Saudi Oil Exports, Brent Hits $105

Recent Houthi strikes on Saudi Arabia's oil infrastructure, particularly the critical East-West pipeline, are jeopardizing 3-4 million barrels per day of Saudi crude exports. This escalation has sent oil markets into a frenzy, with ICE Brent crude hitting $105 per barrel and Middle Eastern crude soaring to $120. Despite efforts by Gulf foreign ministers to calm prices, the potential for reduced supply from the region remains a significant concern. Such a major disruption could fuel global inflation, potentially boosting gold's safe-haven appeal and putting further depreciation pressure on the Pakistani Rupee due to higher import costs.

بحوالہ / Source: oilprice.com