Oil prices surged to $108 per barrel after Saudi Arabia shut its East-West Pipeline and Iran-Hormuz talks were postponed, amid Houthi attacks and minimal vessel traffic through the Strait of Hormuz. Diesel prices hit all-time highs at $6.23 per gallon, with economists warning this will drive inflation across transportation and food costs; President Trump urged Ukraine to stop attacking Russian refineries to ease the shortage.
Crude oil prices are climbing toward $100+ per barrel as global inventory drawdowns accelerate and China resumes significant crude purchases. Shipping disruptions in the Middle East from Houthi threats and tanker attacks are constraining supply, while Energy Aspects analyst Amrita Sen warns the market has reached an inflection point heading for higher prices.