European physical crude oil prices surged above $130 a barrel following export cancellations from Saudi Arabia and production shutdowns in Libya. Forties crude reached $136.75 a barrel, according to LSEG data.
Pipeline strike halts Yanbu
Saudi Arabia cancelled late September shipments to Europe following an attack on the East-West pipeline that suspended loading operations at the Red Sea port of Yanbu. The disruption removed prompt supplies destined for European refiners.
Libya halted production across three oil fields. Output stopped completely at the sites. The simultaneous disruptions in the Mediterranean basin and the Red Sea intensified regional supply concerns.
Physical premiums over futures
Brent crude futures rose 2.1 percent on Tuesday to $109.8 a barrel. Physical cargo prices traded higher than futures contracts partly because physical shipments were scheduled for delivery within weeks, whereas the front-month Brent contract was for November settlement.
The physical surge remained below the all-time record of $147.37 a barrel reached on 13 April 2026 at the outbreak of the war with Iran.
Also Read
Related: Indonesia raises August crude price to $89.43 a barrel · Brent crude breaks above $100 after Gulf military clashes
Source: LSEG
