Oil prices have began the trading week by climbing further as Saudi Arabia’s key 7 million barrel per day East-West pipeline remains off line after further strikes on the route and nearby facilities. In Asian trading, Brent November contracts on ICE Futures were $2.65 higher at $107.26 per barrel on Monday. But physical grades have soared far higher: Reports showed North Sea Ekofisk trading at $126/bbl and key Mideast spot grade Oman quoted at $135/bbl.
Oil Prices Leap as Saudi Exports Strangled
Oil prices are reaching levels seen last when the US and Israel attacked Iran in February, and global inventories are much more stretched now than they were then.














