Brent Crude Tops $109 Amid Saudi Pipeline Shutdown and Iran Tensions

Brent crude futures surged $3.7 to $109.39 per barrel as traders assessed supply impacts after Saudi Arabia closed its East-West Pipeline.

The critical pipeline was damaged by drones launched from Iraq and is expected to remain out of service for weeks.

Riyadh recently notified OPEC that its output fell by 1.9 million barrels a day to 6.238 million barrels a day.