Brent crude jumps above $108 after Saudi Arabia shuts down critical pipeline that bypasses Strait of Hormuz

Crude oil prices popped on Sunday after Saudi Arabia closed its critical pipeline that bypasses the Strait of Hormuz.

U.S. West Texas Intermediate futures were up 3.46% to $103.51 per barrel by 4:56 a.m. ET. Brent
crude, the international benchmark, traded 3.51% higher to $108.28 per barrel.

Drones launched from Iraq damaged the East-West pipeline on Thursday, forcing the Saudi government to close the key crude oil artery. Riyadh has not disclosed how badly the pipeline is damaged or how long it will remain shut.