Diplomacy Falters as Saudi Oil Supply Faces Five-Day Risk

A diplomatic effort to secure arrangements for shipping through the Strait of Hormuz has been dealt a setback as Oman postponed a meeting between Iran and Gulf states.

The postponement comes as Saudi Arabia keeps shut a key pipeline damaged in drone strikes, cutting a major route for exporting Middle Eastern oil while bypassing the strait.

Traders and Saudi oil buyers say Riyadh has enough crude stored at its Red Sea port of Yanbu to maintain exports for only five to seven days if the pipeline remains offline.

The disruption could jeopardise as much as 4% of global oil supply, on top of millions of barrels a day already affected by reduced traffic through the strait.