Russia sanctions Bill, Saudi pipeline closure push India’s crude oil import price to 5-month high

…international prices have also risen. As of Wednesday 1830 hours, Brent was trading at $107.6 per barrel, WTI at $104.2 and Murban at $124. Oil shock Ankita Pathak, Head of Global Investments at Ionic Asset, said, “ Since the onset of the war, Brent oil prices have risen 45.8 per cent and have remained above $100 per barrel for five consecutive trading sessions, highlighting the potential macroeconomic fallout if elevated prices persist. ” Sources said the bigger threat is the fear of supply bottlenecks due to closure of the Saudi Arabian pipeline and the uncertainty surrounding its resumption and how the balance 4 million barrels per day (mb/d) of…

…macroeconomic risks. Ashish Rajodiya, Head of Commodities at PL Capital, said the Strait of Hormuz (SOH) has already seen disrupted tanker flows, forcing Saudi Arabia to route crude through its East-West pipeline. That alternate route has now come under direct attack, with the pipeline forced offline and Saudi Arabia cancelling export shipments to European customers, pushing its output to its lowest level since 1990. “Adding to the crisis, Houthi militants have escalated strikes on the Bab el-Mandeb strait, effectively squeezing the market from both ends of the region’s shipping map at once. Libya has compounded the supply strain,…