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Commodities

Houthi Attacks Send Oil Prices Soaring Above $108

Guavy AI Editorial Team
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Oil
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Oil prices surged to above $108 per barrel early Monday after renewed fighting in the Middle East put pressure on global energy supplies. The increase comes after attacks by Yemen's Iran-backed Houthi rebels forced Saudi Arabia to shut down its key East-West oil pipeline.

The pipeline has become an important alternative as shipping through the Strait of Hormuz remains severely disrupted. Fuel prices also remain high, with diesel at a record $6.23 per gallon on Monday.

President Donald Trump said Sunday that the Middle East war wasn't responsible for the diesel shortage, instead blaming it on Ukraine's attacks on Russian diesel fuel targets.

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