Crude oil prices surged on Monday following Saudi Arabia’s decision to close its vital pipeline that bypasses the Strait of Hormuz.
U.S. West Texas Intermediate futures rose 3% to $103.14 per barrel, while Brent crude, the global benchmark, increased 3.46% to $108.23 per barrel.
Today’s jump follows a roughly 9% rise last week amid escalating tensions between the U.S. and Iran.
A diplomatic meeting between Iran and Gulf Arab states to discuss Hormuz issues, initially scheduled for Monday in Oman, was suddenly postponed following a pipeline attack.
Oman’s Foreign Minister Badr Albusaidi said Sunday in a social media post: “In the interests of consensus the regional meeting set for tomorrow in Salalah has been postponed. We remain committed to fostering dialogue that supports stability and lasting cooperation in our region.”
The news comes as Trump urges Ukraine to stop ‘knocking out’ Russian oil refineries as U.S. diesel hits record highs of above $6.
“Mr. Zelenskyy has to do one thing. He has to stop knocking out diesel fuel in Russia,” Trump said during an official visit to Ireland on Sunday.
“Let him go after targets but not diesel fuel because he’s causing a shortage of diesel. This isn’t done by the Middle East; this is done by what’s happening with Russia and Ukraine.”
By CEO NA Editorial Staff
