Saudi Oil Shutdown Sends Prices Soaring Amid Middle East Tensions

Oil prices surged yesterday amid growing uncertainty over Saudi Arabia's crude oil supply. The shutdown of the country's 7m b/d East-West pipeline, which carries crude oil to the Red Sea for export, has contributed to the price increase. This escalation in the Middle East has heightened concerns about global energy supplies and led to a sharp rise in oil futures.

The impact on gold prices was also notable, with a decline as investors sought safer assets amid growing inflation expectations. The strengthening dollar and anticipation of a potential interest rate hike by the Federal Reserve this week have further contributed to gold's decrease in value.

Meanwhile, technology stocks were hit by calls from leading executives to slow down AI development, sparking concerns about data centre investment and weighing on copper prices.