Oil prices stabilize after two consecutive days of gains, with Saudi supply risk in focus.

Crude oil prices steadied after two days of gains, with supply disruptions in Saudi Arabia and Libya, along with Europe's scramble to buy crude, indicating an increasingly tight global oil market. WTI crude remained above $105 a barrel after hitting its highest level since May on Tuesday; Brent crude settled near $109 a barrel. Saudi Arabia's East-West pipeline, which bypasses the conflict-ridden Strait of Hormuz, has been shut down since it was attacked last week. In Libya, production at the Hamada and al-Tahara oil fields has halted due to the closure of a key valve. It remains unclear when the Saudi pipeline will be able to restart, though U.S. Energy Secretary Chris Wright told CNBC that the shutdown could be measured "in days." Affected by the disruption, Saudi Aramco has delayed oil deliveries to some European customers, triggering a scramble to find alternative supplies. WTI crude for October delivery fell 0.3% to $105.47 a barrel. November Brent crude settled up 2.9% at $108.75 a barrel.