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  • Malkhodr @lemmygrad.ml
    23·
    15 days ago

    ❗️Oil jumps above $108 as Yemen strikes Saudi airbase, Hormuz talks collapse

    Brent crude climbed above $108 a barrel and WTI topped $103 after Gulf states postponed planned talks with Iran on reopening the Strait of Hormuz, while Yemeni forces launched a large-scale missile and drone attack on Saudi Arabia’s King Khalid Airbase in Khamis Mushait, saying it was retaliation for more than 300 Saudi airstrikes on Yemen over five days.

    The market reaction was compounded by the continued shutdown of Saudi Arabia’s East-West pipeline, with Reuters reporting the outage could threaten up to 4% of global oil supply if prolonged and that Yanbu’s export stocks may last only five to seven days. The disruption, alongside Yemeni control of key positions around the Bab al-Mandab Strait, has heightened fears over the security of two of the world’s most critical energy chokepoints, driving fresh gains in oil prices and raising concerns over global fuel supplies.

    (OilPrice.com)

    https://t.me/thecradlemedia/67911