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. According to unnamed sources quoted by Reuters, Saudi Arabia’s Yanbu port on the Red Sea has only enough oil for five to seven days of…
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