Saudi Arabia halts Yanbu oil loadings after pipeline attacks, Brent nears $110

Saudi Arabia suspended oil loadings at Yanbu, its main Red Sea port, after attacks on the East-West pipeline, reported by Reuters. Yanbu exports up to 5 million barrels of oil per day. Brent crude prices rose toward 110 dollars per barrel on the news.

Event

Oil loadings halted at Yanbu due to pipeline attacks. The disruption affects Saudi Arabia’s primary Red Sea export terminal.

Scale

Yanbu’s export capacity: up to 5 million barrels per day.

Market impact

Brent crude rallied toward 110 dollars per barrel following the suspension.