European leaders are once again rushing to mitigate rising oil prices as Saudi cargoes are delayed or cancelled amid another conflict escalation in the Middle East, raising fears of soaring prices at the pump across many capitals.
The latest shock is coming from Saudi Arabia, where Houthi and Iran-backed Iraqi militias' attacks have forced the temporary closure of the 1,200-kilometer East-West oil pipeline – a crucial route designed to bypass the Strait of Hormuz.
