The global crude oil market has entered a new phase of uncertainty after Saudi Arabia suspended crude loadings at its Red Sea port of Yanbu and cancelled some crude cargoes to Europe following drone attacks on its strategic East-West Pipeline. The development comes at a time when oil prices have already crossed the psychologically important $100-per-barrel level amid prolonged Middle East tensions. While markets had previously assumed that oil transportation routes would remain partially functional despite the regional conflict, the latest attack has exposed the vulnerability of alternative export routes and raised concerns about a potential supply crunch.
