Middle East Conflict Sparks Global Oil Price Surge

The ongoing conflict in the Middle East has significantly disrupted global oil supplies, leading to higher gas prices at the pump. As of September 18, the national average for regular gasoline was around $4.46 per gallon, with diesel prices reaching over $6.1 per gallon, according to AAA and GasBuddy.

The conflict involving Iran has caused problems for oil transportation through the Strait of Hormuz, one of the world's most important oil shipping routes. The situation worsened after a September 10 attack damaged Saudi Arabia's East-West pipeline, an alternative route that allows oil to bypass the Strait of Hormuz.

Rystad Energy revealed that between 2.6 million and 4 million barrels of oil per day had been moving through the pipeline and out of the Red Sea port of Yanbu. With the pipeline now at risk of 'disappearing from the market,' global oil supplies are under further pressure.