Oil Price Today (September 16): Crude oil hovers below $109 despite rising Saudi supply concerns. $120 soon?

Crude oil prices remain below $109 per barrel, despite growing concerns over reduced oil supply from Saudi Arabia. The East-West pipeline, a key Saudi oil export route, has been shut down due to drone strikes, and its prolonged closure could lead to a shortage of oil. This development has sparked fears of a price surge, potentially pushing crude oil to $120 per barrel. The uncertainty surrounding Saudi oil supplies is now a key focus for investors, who are closely monitoring the situation for any signs of a prolonged disruption.

Why it matters

The shutdown of Saudi Arabia's East-West pipeline due to drone strikes is a supply concern. However, the impact on oil prices is uncertain and depends on how long the pipeline remains out of operation.

Market impact

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