Hormuz Meeting Postponed Amid Escalating Middle East Tensions

Oman's foreign minister announced that a meeting between Iran and other Persian Gulf powers to discuss a proposal for governing shipping routes through the Strait of Hormuz has been postponed.

The postponement came after Saudi Arabia shut down its main pipeline, which serves as an alternative route for Middle East oil exports bypassing the strait.

Oil prices surged above $100 last week and hit another record high on Sunday, with US diesel fuel prices reaching an all-time high above $6.20 a gallon.

Saudi buyers say stocks may sustain exports for only five to seven days if the pipeline remains shut, threatening up to 4% of global oil supply.