Refining bottlenecks are emerging as the next big oil problem as Middle East skirmishes flare up

American drivers recently paid the highest Labor Day gasoline prices ever. According to MarketWatch, dwindling global refinery capacity is threatening to push prices higher.

Global oil prices have hit multi-week highs due to rising tensions in the Middle East. According to Dawn Business and Dawn, recent attacks by Houthis on Saudi Arabia's energy facilities have added to the regional tensions. World oil prices rallied, with Brent reaching $99.22 a barrel, its highest since July 24, and US West Texas Intermediate crude reaching $94.60 a barrel, its highest since June 8.

The Pakistan Stock Exchange's benchmark KSE-100 index declined by nearly 1,000 points on Tuesday due to tensions in the Middle East. Awais Ashraf, director of research at AKD Securities, noted that the "prolongation of tensions" between the US and Iran was weighing on investor sentiment, and the increase in oil prices was adding to the pressure.

Qatar has vowed to prioritize China's energy supply and safeguard shipments through the Strait of Hormuz, as both countries coordinated efforts to de-escalate Middle East tensions, according to Reuters Business via SCMP.

Brief written by urgent.news from MarketWatch Top, MarketWatch, Reuters Business via SCMP, Dawn Business, Dawn — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.