The Oil Escape Route Went Dark, and Markets Are Feeling It
According to a myriad of reports, a drone strike reportedly launched from Iraq paralyzed Saudi Arabias East-West Pipeline, also known as Petroline. Between the pipeline and the Strait of Hormuz disruption, Brent crude oil prices jumped 3% to $109 a barrel. Key TakeawaysSaudi Arabias Petroline going offline helped send Brent 3% higher to $109, putting a critical oil route under pressure.Bitcoins price fell 0.8% to $76,611 as the Petroline mess gave already-jittery global markets another headache.CME has Wednesday‘s rate hike odds at 86.2%, while Petroline’s repair timeline could make inflation worse. Petroline Strike Sends Oil to $109 as Global Markets Flinch Earlier this week, drones crossing into Saudi Arabia from Iraqi airspace to strike pumping stations caused a great deal of alarm. Statistics show the Petroline funnels around four million barrels of oil every single day. Additionally, this specific route was Riyadh‘s mandatory bypass to keep crude flowing during the U.S.-Israeli war. Since the strike, Brent skyrocketed to $109 a barrel, while West Texas Intermediate crude jumped to $102.80. The market doesn’t like the implications of this matter one bit, and U.S. stock futures are lower on the news. The Dow shed about −0.3%, S Hong Kong futures are roughly flat to slightly up. Meanwhile,









