-
Brent crude climbed past $108 a barrel and WTI neared $103.50 on Monday, both gaining more than 3%, after Saudi Arabia shut a major pipeline and a ship was struck inside the Strait of Hormuz.
- Saudi Arabia halted its East-West pipeline, the kingdom's main overland route for roughly 7 million barrels of crude a day, after a drone strike that multiple outlets now trace to Iraqi territory.
- Houthi fighters in Yemen finished seizing Perim Island on Friday, putting the entire Bab el-Mandeb waterway effectively under their command — a second corridor Saudi Arabia had been leaning on to avoid Hormuz.
-
A Monday meeting in Oman meant to ease the Hormuz bottleneck was called off at the last minute, while U.S. diesel keeps breaking price records that hit truckers, grocery shelves and Latino household budgets.
