Oil Prices Jump
Brent rose toward $108 a barrel, a 4-month high, after rallying almost 9% last week, after Saudi Arabia shut a major crude pipeline following drone attacks, disrupting a key route used to bypass the Strait of Hormuz. Saudi Arabia halted the East-West pipeline as a precaution after Thursday’s attacks, with no indication yet of when operations will resume. Meanwhile, talks between Iran and several Gulf nations on establishing a temporary shipping lane through Hormuz were postponed, Oman’s Foreign Minister Badr Albusaidi said.
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Crude oil rose toward $103 a barrel, a 4-month high, after rallying almost 9% last week, after Saudi Arabia shut a major crude pipeline following drone attacks, disrupting a key route used to bypass the Strait of Hormuz. Saudi Arabia halted the East-West pipeline as a precaution after Thursday’s attacks, with no indication yet of when operations will resume. Meanwhile, talks between Iran and several Gulf nations on establishing a temporary shipping lane through Hormuz were postponed, Oman’s Foreign Minister Badr Albusaidi said.