Some physical oil cargoes top $130 a barrel, nearing April's record, on Saudi disruptions

Live updates

1. 29d ago

   Saudi Tankers Resume Loading as Oil Prices Ease From Peak

   Physical oil cargoes previously surged past $130 a barrel following disruptions to Saudi Arabia's pipeline network. Tankers are now loading oil again from the vital Saudi pipeline after authorities took the infrastructure offline this month due to damage from a drone attack. Meanwhile, global physical crude markets face downward pressure as Saudi Arabia offers additional crude cargoes via Oman, easing supply fears. Tehran is also increasing oil exports to secure buyers beyond China, while Tullow Oil raised its 2026 free cash flow guidance due to strong production performance and high realized oil prices.

   Why it matters

   Saudi Arabia initially shut down its East-West Pipeline following a drone attack executed by an Iranian-backed Iraqi militia, creating severe strain across the export network and forcing top buyers and Japanese refiners to seek alternative crude sources. The subsequent resumption of tanker loading alongside alternative cargo offerings via Oman has provided relief to physical markets. Concurrently, broader market dynamics show Tehran expanding its own export reach.

   What is confirmed

   • Saudi authorities took the East-West Pipeline offline this month after it was damaged in a drone attack by an Iranian-backed Iraqi militia.
   • Tankers are loading oil again from the vital Saudi pipeline.
   • Saudi Arabia offered additional crude cargoes via Oman.
   • Tehran is ramping up oil exports and seeking sales beyond China.
   • Tullow Oil raised its 2026 free cash flow guidance due to strong production performance, high realized oil prices, and progress on Ghana receivables.

   Still unconfirmed

   • Global physical crude markets are mired in discounts as the Middle East ramps up supply.

   What to watch next

   • Monitor whether additional Saudi and Iranian oil cargoes stabilize physical prices below the $130 threshold.
   • Track further developments regarding the repair status and throughput capacity of the East-West Pipeline.
   Sources used for this update (6)

   1. www.nytimes.com — Tankers Are Loading Oil Again From a Vital Saudi Pipeline
   2. thearabianpost.com — Prompt barrels drive oil alarm — Arabian Post
   3. thearabianpost.com — Crude surges as Iran war fears deepen — Arabian Post
   4. www.thedailystar.net — Global physical crude markets mired in discounts as Middle ...
   5. www.thedailystar.net — Oil slips to $107.92 | The Daily Star
   6. finance.yahoo.com — Tullow Oil H1 Earnings Call Highlights - Yahoo Finance
   confidence 90%
2. 33d ago

   Physical oil cargoes near record $130 a barrel on Saudi disruptions

   Physical oil cargoes have reached near-record prices of over $130 a barrel due to Saudi Arabia's disrupted oil shipments caused by a drone attack on the East-West Pipeline. The kingdom's top buyers and Japanese refiners are seeking alternative crude sources. The pipeline shutdown and a separate suspension of crude loading at a refinery have put the export network under strain.

   Why it matters

   The situation is critical for Saudi Arabia as it faces pressure on its oil export capabilities. The US Energy Secretary had initially described the closure as a brief interruption, but reports indicate the pipeline has been shut for weeks. This development has significant implications for global oil markets.

   What is confirmed

   • Brent dropped over 1% to $74.33, while WTI fell more than 2% to $70.46.
   • Oil prices gained more than 2% after a cargo ship was struck near Oman, raising concerns over crude shipments through the Strait of Hormuz.

   Still unconfirmed

   • The Strait of Hormuz blockade could intensify, potentially leading to a $160 scenario for crude oil prices.

   What to watch next

   • Further developments on the Strait of Hormuz blockade
   • Saudi Arabia's response to the pipeline shutdown
   • Global oil supply and demand dynamics
   Sources used for this update (5)

   1. economictimes.indiatimes.com — oil supply disruptions: Latest News & Videos, Photos about oil supply ...
   2. seekingalpha.com — Weekly Commentary: Walked The Walk
   3. managerplus.pl — 10 zł za litr paliwa? To już nie straszak
   4. shalemag.com — The $160 Scenario: Why Crude Oil Prices Are Bracing for ...
   5. note.com — The 'Dark Tankers' in the Strait of Hormuz are Keeping Crude ...
   confidence 75%
3. 45d ago

   Saudi Oil Cargoes Top $130 as Pipeline Attack Disrupts Exports

   Physical oil cargoes have exceeded $130 a barrel, approaching April records, after Saudi Arabia canceled shipments due to a drone attack on the East-West Pipeline. The disruption has forced top buyers and Japanese refiners to seek alternative crude sources. While the U.S. Energy Secretary describes the closure as a brief interruption lasting days, other reports indicate the pipeline has been shut for weeks, creating a crisis for the kingdom. The export network remains under severe strain due to the pipeline shutdown and a separate suspension of crude loading at a refinery.

   Why it matters

   The East-West Pipeline is a strategic route for Saudi crude exports. Disruptions to this infrastructure immediately impact global spot prices and force importing nations to pivot to other regional or global suppliers.

   What is confirmed

   • Some physical oil cargoes have exceeded $130 a barrel.
   • Saudi Arabia canceled some oil cargoes after a drone attack hit the East-West Pipeline.
   • Japanese refiners are seeking alternative Middle East crude after the Saudi route closed.

   Still unconfirmed

   • The U.S. Energy Secretary stated the pipeline closure is a brief interruption that will last days.
   • The key oil pipeline has been shut for weeks.
   • Saudi Arabia faces a worst-case scenario after being rebuffed by Donald Trump.
   • Houthi gains in Yemen are forcing hard choices for Saudi Arabia.

   What to watch next

   • Confirmation of the pipeline restoration timeline
   • Official Saudi statement on the volume of canceled cargoes
   • Price movement of North Sea and Guyana crude alternatives
   Sources used for this update (10)

   1. The New York Times — Saudi Arabia Faces ‘Worst-Case Scenario’ After Being Rebuffed by Trump
   2. CNBC — Saudi pipeline closure is a brief interruption that will last days, U.S. Energy Secretary tells CNBC
   3. Bloomberg.com — MBS and Saudi Arabia Face Crisis With Key Oil Pipeline Shut for Weeks
   4. Reuters — Saudi cancels some oil cargoes after pipeline hit, top buyer chasing alternatives
   5. Reuters — Some physical oil cargoes top $130 a barrel, nearing April's record, on Saudi disruptions
   6. dw.com — Saudi Arabia faces hard choices as Houthis gain in Yemen
   7. Bloomberg.com — Japanese Refiners Rush for Mideast Crude After Saudi Route Shuts
   8. Yahoo — Iran live updates: Sticker shock woes rise after Saudi refinery stops crude loading
   9. finance.biggo.com — Saudi Export Routes Hit on Two Fronts as Some Spot Oil Prices Break $130 to Hit Multi-Month Highs
   10. www.advance.hr — Kriza se naglo produbljuje: Saudijska Arabija otkazuje naftu Europi
   confidence 80%