Brent Hits $108 as Saudi Pipeline Shutdown Deepens Supply Fears

Brent crude hit $108 per barrel earlier today, following the latest escalation in the Middle East, before retreating to $107. 22 per barrel at the time of writing. West Texas Intermediate was trading at $102. 66 per barrel.

The surge follows the news of a drone attack on Saudi Arabia’s East-West pipeline that could cut off another 4% of global oil supply and signs that efforts at diplomacy are failing.