Oil prices are surging again as renewed fighting in the Middle East puts more pressure on global energy supplies. Brent crude, the global benchmark, was trading above $108 dollars a barrel early Monday, with the U.S. benchmark around $103.
The latest jump comes after attacks by Yemen’s Iran-backed Houthi rebels forced Saudi Arabia to shut down its key East-West oil pipeline. The pipeline has become an important alternative as shipping through the Strait of Hormuz remains severely disrupted.
Fuel prices remain high
Fuel prices also remain high, with diesel at a record $6.23 a gallon Monday, according to AAA.
President Donald Trump, however, said Sunday that the Middle East war isn’t responsible for the diesel shortage.
“Mr. [Volodymyr] Zelenskyy has to do one thing: he has to stop knocking out diesel fuel in Russia,” Trump told reporters. “Let him go after targets, but not diesel fuel because he’s causing a shortage of diesel fuel. This isn’t done by the Middle East, this is done by what’s happening with Russia and Ukraine.”
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The fighting is spreading
The Houthis have also launched new attacks on Saudi Arabia and seized territory along another critical Red Sea shipping route.
Houthi spokesperson Yahya Saree said Monday that the group would keep fighting Saudi-backed forces until attacks on Houthi-controlled areas of Yemen stop. He also claimed responsibility for a “large-scale military operation” targeting King Khalid Air Base in Khamis Mushait.
The Houthis say they have captured more strategic islands in the southern Red Sea, potentially strengthening their control over the Bab al-Mandeb shipping route.
Meanwhile, Iran is distancing itself from the fighting in Yemen. Foreign Ministry spokesperson Esmaeil Baghaei said Monday that Iran has “no relations whatsoever with what is unfolding in Yemen.”
Strait of Hormuz meeting postponed
A diplomatic effort to ease pressure on another key shipping route is now on hold.
A planned meeting between Iran, Oman and other Gulf states over shipping through the Strait of Hormuz has been postponed. Iran said Saudi Arabia requested the delay.
Oman’s foreign minister said the meeting was postponed “in the interests of consensus.” No new date has been announced.
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