Strait of Hormuz

Gulf states called off a planned meeting with Iran as Yemen’s Houthis struck a Saudi airbase, sending oil prices higher amid a widening Middle East war.

Oil rose more than 3 percent after new Houthi strikes on Saudi Arabia and Gulf tanker attacks deepened fears over a shut Saudi pipeline.

A marine fuel supply squeeze at major shipping hubs has eased as the market adapts to prolonged Strait of Hormuz disruption, industry sources say.

Brent crude rose above $100 a barrel for the first time since July as escalating Middle East conflict deepened fears over regional oil supply.

Iran says it will soon declare a new restricted zone in the Gulf and new Strait of Hormuz shipping maps, as fresh US-Iran attacks on ships lifted oil prices.

Oil headed for a weekly gain above 6 percent as US-Iran fighting resumed, while US diesel prices hit a record high, fuelling fresh global inflation fears.

Oil prices hit a three-week high on Wednesday as uncertainty over shipping through the Strait of Hormuz and continuing supply disruptions supported the market.

Shipping through the Strait of Hormuz slowed over the weekend after tanker attacks, with only five commodity vessels crossing on Saturday and none on Sunday.

At least four Asian refiners bought US crude this week as the blocked Strait of Hormuz forced them to secure alternative supplies beyond the Gulf.

KEY POINTS The prolonged blockade of the Strait of Hormuz has completely reshuffled the global oil order. Satellite imagery analyzed by German business publication WirtschaftsWoche and earth observation firm LiveEO …