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Oil is trading higher amid multiple catalysts, including damage to Saudi Arabia's East-West oil pipeline that may require several weeks to repair. Also, reports suggest that the Trump administration wants to prioritize pressure on Iran's nuclear program over talks to re-open the Strait of Hormuz, which may limit marine energy transport.
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Oil is trading higher after reports suggesting that Saudi Aramco deferred and cancelled some September crude cargoes meant for European refiners after the closure of its East-West pipeline to the Red Sea. Also, ongoing Saudi strikes on Yemen's Houthi rebels and a tight global diesel market are helping to support crude prices.
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