Daily News 19

Tag: Oil prices surge

  • Iran War: Satellite Images Show Extent of Damage to East-West Pipeline

    Iran War: Satellite Images Show Extent of Damage to East-West Pipeline

    Satellite Images Reveal Extensive Damage to Saudi Arabia’s East-West Pipeline After Drone Attack

    New satellite photographs released by Vantor and published via Getty Images on Sunday show the scale of destruction caused by a drone strike on Saudi Arabia’s strategic East-West pipeline. The images capture a bird’s-eye view of fire damage and extensive blackened areas in and around a pumping station on the pipeline network.

    Pipeline Shut Down as Precaution After Multiple Drone Strikes

    Saudi Arabia temporarily closed the roughly 750-mile system, known as Petroline, on Friday as a precautionary measure following multiple drone attacks launched from Iraq. The Saudi government reported several injuries in the strikes, which targeted a key stretch of the pipeline in the Riyadh and Medina regions.

    The East-West pipeline transports crude oil from Abqaiq on the kingdom’s eastern Gulf coast to the port of Yanbu on the Red Sea. With an estimated total design capacity of 7 million barrels per day following recent expansions, the pipeline serves as a critical alternative route for Saudi crude exports, allowing the OPEC kingpin to bypass the strategically vital Strait of Hormuz amid ongoing tensions between the U.S. and Iran.

    Houthi Offensive Threatens Bab el-Mandeb Strait

    The pipeline closure coincides with an escalation by Yemen’s Iran-backed Houthis, who have intensified attacks on targets in Saudi Arabia and launched a rapid ground offensive aimed at seizing control of the Bab el-Mandeb Strait. This chokepoint on the other side of the Arabian Peninsula is another critically important passage for global oil shipments.

    Analysts warn that the Houthis’ advance toward the Bab el-Mandeb Strait could have significant ramifications for energy markets and global trade, particularly if the militant group escalates threats or attacks on Red Sea shipping.

    Satellite Imagery Documents Before and After Damage

    Vantor satellite image shows the East-West pipeline pumping station in Saudi Arabia before the September 11, 2026 drone attack and resulting fires.

    Maxar | Maxar | Getty Images

    Vantor satellite image shows fire damage and extensive blackened areas in and around the East-West pipeline pumping station in Saudi Arabia following the September 11, 2026 drone attack and resulting fires.

    Maxar | Maxar | Getty Images

    Vantor satellite image shows a closer view of fire-damaged structures and blackened ground at the East-West pipeline pumping station in Saudi Arabia following the September 11, 2026 drone attack and resulting fires.

    Maxar | Maxar | Getty Images

    Oil Prices Surge on Middle East Supply Fears

    Oil prices have rallied in recent days amid deepening supply concerns in the Middle East. International benchmark Brent crude futures for November expiry rose 3.3% to $108.02 per barrel on Monday morning, extending gains after jumping more than 20% over the past month.

    U.S. West Texas Intermediate futures for October expiry traded nearly 3% higher at $102.98. The contract, up nearly 25% over the past month, surpassed $100 for the first time since May last week.

    — CNBC’s Spencer Kimball contributed to this report.

  • Why Crypto Market Is Falling Today: Bitcoin and Altcoins Under Pressure

    Why Crypto Market Is Falling Today: Bitcoin and Altcoins Under Pressure

    Crypto Market Correction Deepens as Bitcoin Slides Below $78K Amid Macroeconomic Pressure

    The cryptocurrency market is facing renewed selling pressure, with Bitcoin (BTC) failing to sustain its recent recovery and sliding toward the $77,000 level. Over the past 24 hours, BTC has dropped from approximately $78,500 to around $77,225, dragging the broader market down with it. Total crypto market capitalization has fallen 1.55% to $2.62 trillion, while 24-hour trading volume has risen 3.1% to roughly $84.3 billion, indicating heightened activity amid the decline.

    Broad-Based Weakness Across Major Altcoins

    The sell-off is not confined to Bitcoin. Major altcoins are posting significant losses, signaling a market-wide risk-off move rather than an isolated correction:

    • Ethereum (ETH) remains capped below $2,500 but is showing relative strength against Bitcoin, holding above $2,450.
    • XRP has plunged over 3% to $1.34.
    • BNB trades around $714.
    • Solana (SOL) and Hyperliquid (HYPE) have both dropped below key support levels at $100 and $80, respectively.

    Stablecoins continue to dominate market activity, with their combined 24-hour volume exceeding $90 billion, underscoring the ongoing rotation of capital through stablecoin pairs.

    Top Gainers and Losers Highlight Divergence

    Amid the broad decline, a few assets are bucking the trend. Among the top 100 cryptocurrencies by market cap:

    • Raydium (RAY) leads gainers with a 27.23% jump.
    • ether.fi (ETHFI) follows with a 9.60% gain.
    • Aptos (APT) and Polkadot (DOT) are up 3.64% and 2.10%, respectively.

    On the downside, Zcash (ZEC) has plunged 13.23% but continues to hold above the $1,000 support level.

    Key Drivers Behind Today’s Crypto Market Sell-Off

    The correction is being driven by a convergence of macroeconomic headwinds that are pushing investors toward a defensive posture across global financial markets.

    Middle East Tensions Push Oil Prices Above $100

    Escalating geopolitical tensions around critical Middle East shipping routes have sent Brent crude soaring to $109.97 per barrel. The benchmark is on track for an approximate 11% weekly gain, raising fears of sustained energy-supply disruptions that could reignite inflation.

    FED Rate-Hike Expectations Surge

    Markets are increasingly pricing in the possibility that the Federal Reserve may need to maintain tighter monetary policy to combat renewed inflationary pressures. The probability of a 25-basis-point rate hike at the next FOMC meeting has risen to ~71%, up from 61% in prior sessions.

    Inflation Concerns Return to the Forefront

    The latest U.S. Producer Price Index (PPI) showed producer prices rising 0.4% month-over-month in August and 5.4% year-over-year. A hotter-than-expected reading reinforces the case for prolonged restrictive policy, adding another layer of pressure on risk assets like crypto.

    Treasury Yields Approach Critical 5% Threshold

    U.S. Treasury yields have surged as investors reassess the inflation and rate outlook. The 10-year yield hit 4.979%, flirting with the psychologically important 5% level, while the 30-year yield climbed to ~5.38%.

    Stronger Dollar Tightens Global Liquidity

    The U.S. Dollar Index (DXY) is hovering near 99, supported by rising yields and safe-haven demand. A stronger dollar typically tightens global financial conditions and weighs on dollar-denominated risk assets, including cryptocurrencies.

    Bitcoin ETF Outflows Accelerate

    Spot Bitcoin ETFs recorded $120.2 million in net outflows in the latest session, following a $46.6 million outflow the prior day. That brings total withdrawals over two consecutive sessions to roughly $166.8 million, signaling weakening institutional buying pressure.

    Leveraged Liquidations Amplify Downside Volatility

    High leverage is exacerbating the sell-off. Recent data shows over $386 million in leveraged positions liquidated, including approximately $270 million in long positions, fueling a cascading effect as stop-losses trigger further selling.

    What’s Next for Bitcoin and the Crypto Market?

    The near-term trajectory for crypto will likely hinge on three key macro variables: oil prices, U.S. inflation data, and Federal Reserve policy expectations. If these pressures ease, Bitcoin and altcoins could find a footing to stabilize and recover. However, a further spike in energy costs, hotter inflation prints, or sustained ETF outflows could extend the current correction deeper into key support zones.