Oil prices rise after drone attacks shut down Saudi Arabia’s East-West pipeline

Price spike comes as rebel Houthis in Yemen target oil infrastructure and capture strategic island in Bab al-Mandab strait Business news – live updates Oil prices have climbed above $107 a barrel after a series of drone attacks forced Saudi Arabia to close its east-west crude pipeline. Brent crude, the international benchmark for oil prices, surged to as much as $108 a barrel at one point on Monday, later easing back to $107.7 – a 3% increase on the day. Continue reading...