OIL JUMPS AS SAUDI CANCELS EUROPEAN CARGOES Oil prices surged after Saudi Arabia reportedly cancelled September crude cargoes to some Europ…
OIL JUMPS AS SAUDI CANCELS EUROPEAN CARGOES
Oil prices surged after Saudi Arabia reportedly cancelled September crude cargoes to some European refiners following damage to its East-West pipeline.
Additional supply pressure comes from Libyan oil-field outages and maintenance in Kazakhstan.
Brent jumped 1.6% to $107.39, while WTI surged 2.1% to $103.51.
Market angle: tightening physical supply is overpowering diplomatic optimism.