Commodities
Oil Prices Surge as Global Supply Disruptions Escalate
Global oil supply disruptions have pushed US fuel prices higher, with oil trading around $105 a barrel on Monday. The critical East-West Pipeline in Saudi Arabia was temporarily shut down after attacks forced the country to take action.
The route has become increasingly important due to instability disrupting shipping through the Strait of Hormuz. Iranian-aligned Houthi rebels have launched additional attacks on Saudi targets and seized Perim Island near the entrance to the Red Sea, according to Reuters.
The Russia-Ukraine war is also contributing to pressure on global fuel supplies. Ukrainian drone attacks have disrupted operations at several major Russian refineries, leading to a global diesel shortage and higher prices.