Middle East Tensions Spark Oil Price Spike as Meeting Between Iran and Gulf States is Postponed

Oil prices surged above $100 per barrel for the first time since July as tensions in the Middle East continued to escalate.

The price jump came after Iran postponed a meeting with Gulf states, including Saudi Arabia and Oman, over disagreements on shipping routes through the Strait of Hormuz. The strait is crucial for global oil supplies, carrying about a fifth of the world's crude exports.

Saudi Arabia shut down its main east-west pipeline last weekend due to Houthi attacks, forcing a halt in oil exports. Iranian officials said they would attend the meeting with Gulf states to present an agreement with Oman on governing shipping routes through the Strait of Hormuz.