Crude oil prices popped on Sunday after Saudi Arabia closed its critical pipeline that bypasses the Strait of Hormuz. U.S. West Texas Intermediate futures were up 3.23% to $103.28 per barrel by 3:41 a.m. ET. Brent crude, the international benchmark, traded 3.36% higher to $108.13 per barrel. Drones launched from Iraq damaged the East-West pipeline on Thursday, forcing the Saudi government to close the key crude oil artery. Riyadh has not disclosed how badly the pipeline is damaged or how long it will remain shut. A diplomatic meeting between Iran and the Gulf Arab states to discuss the situation in Hormuz, originally scheduled to take place Monday in Oman, was abruptly postponed after the pipeline attack.
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