Brent oil price soars amid Houthi attacks on oil pipeline
Quick Look
- The exchange price of Brent oil rose to $108.97 per barrel after the Yemeni Houthis attacked the East-West oil pipeline.
- Damage to infrastructure has raised supply concerns and repair work will take approximately 5-6 weeks.
AI-generated summary
Why It Matters
Houthi attacks on the East-West oil pipeline resulted in damage to pumping stations. Restoring the infrastructure will take about 5-6 weeks.
During trading on Monday, September 14, the exchange price of the benchmark North Sea Brent crude oil accelerated its growth against the backdrop of increasing attacks by Houthi rebels from the Yemeni Ansar Allah movement in the Middle East. This is evidenced by Investing data.
In the morning, commodity quotes reached a maximum of $108.65.
By 15:55 Moscow time, the Brent price reached $108.97. The increase to the closing level of the previous trading session by that time was 4.17 percent, or $4.36. At its peak, quotes came close to $110 per barrel, falling short of the psychological mark of 26 cents.
Experts attribute the rapid rise in prices for raw materials to the negative consequences of the Houthi attack on the key East-West oil pipeline in the Middle East. As a result of the attack on Friday, September 11, pumping stations located next to the pipeline itself were damaged.
The time frame for restoring the region's most important energy infrastructure facility, according to Reuters estimates, will be approximately 5-6 weeks.
What to Watch
AI outlook — possibilities, not facts
Repair work on the oil pipeline will last 5-6 weeks
Likely · Within weeks
Open Questions
- What is the real extent of the reduction in oil supplies?
- Will additional security measures be taken?
