Oil prices surged after Saudi Arabia halted operations on a major export pipeline. The country announced Friday night that it had shut down the East-West pipeline as a protective measure, following a series of attacks on Saudi oil facilities the previous week.
Brent crude, the international benchmark, rose as much as 3.7% and reached over US$ 108 per barrel, before trimming gains. At 8:12 AM (Brasília time), Brent was up 3.36%, trading at US$ 108.13. Texas oil (WTI), the US benchmark, was quoted at US$ 103.03, up 2.28%.
The pipeline interruption shook the market by breaking a fundamental route to bypass the Strait of Hormuz. The pipeline gained strategic importance precisely after Iran restricted maritime shipping through this passage during the trade war between the United States and Iran.
