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Oil Prices Soar Above $100 as Middle East Supply Fears Intensify

Guavy AI Editorial Team
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Oil prices surged above $100 per barrel as Middle East supply fears intensified after Saudi Arabia closed its key pipeline following drone attacks by Yemen's Houthi rebels.

The closure of the East-West pipeline added to concerns about global inflation, which has been driven up by surging energy costs since the US and Israel started their war on Iran in February.

The prospect of higher US borrowing costs due to an expected Federal Reserve rate hike this week further compounded the upward pressure on oil prices.

Average diesel prices in the United States topped $6 a gallon for the first time, causing shock increases for transport and agriculture sectors.

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