Oil Prices Surge as Saudi Red Sea Loadings Halt, Libya Shuts Fields
Saudi Arabia cut oil shipments to Europe after drone attacks damaged its East-West pipeline, canceling some September-loading crude cargoes and suspending loadings at Yanbu. Poland's Orlen sought alternative crude from the North Sea, the United States, Kazakhstan and Guyana. Brent futures traded near $108 a barrel, with dated Brent around $122.
Why it matters: This illustrates the fragility of energy security in the Red Sea corridor.