Saudi Oil Pipeline Closure, Strait of Hormuz Meeting Delay Lift Crude Prices

A major Saudi crude pipeline was shut after an attack, disrupting a transport route originally used to bypass the Strait of Hormuz and pushing oil prices higher. According to Sina Finance, Oman’s foreign minister said a meeting planned by Iran and several Gulf states to discuss setting up a temporary shipping channel in the Strait of Hormuz has been postponed. The U.S.-Iran conflict has restricted exports, disrupted shipping markets, and driven up crude oil, natural gas, and petroleum product prices.