Saudi Pipeline Shutdown Sends Oil Prices Soaring

Saudi Arabia's decision to shut its East-West crude pipeline has sent oil prices higher. This move comes after multiple attacks on Thursday, which have raised concerns about the security of key oil infrastructure in the region. The pipeline is a vital alternative to the Strait of Hormuz for Saudi oil exports.

A planned meeting between Iran and several Gulf nations to discuss creating a temporary shipping lane through the Strait of Hormuz has been postponed, according to Oman's foreign minister. This development has added to the uncertainty surrounding the situation in the region.