WTI Holds Above $100 as Saudi Pipeline Outage Tightens Supply

WTI crude remains pinned above the $100 mark after attacks on Saudi Arabia's 1,200-kilometer East-West Pipeline forced Riyadh to shut down its main alternative to the blocked Strait of Hormuz.

The Petroline, capable of moving roughly 7 million barrels per day to the Red Sea port of Yanbu, had become Europe's primary substitute supply route once Hormuz effectively closed, making its outage a direct hit to WTI-linked global balances.

With inventories already slumping and no diplomatic resolution in sight, U.S. gasoline and diesel prices are climbing in tandem, reinforcing the bullish floor under WTI even as officials downplay the spike as temporary.