Middle East Oil Routes Under Pressure as Hormuz Traffic Tumbles
The number of oil vessels passing through the Strait of Hormuz plummeted to single digits over the weekend, raising concerns about Middle East oil supply. Saudi Arabia had recently shut down its East-West pipeline, a crucial route for exporting crude from the Red Sea. This move came after drones struck the pipeline on Thursday, following attacks on tankers and threats from Iran-aligned Houthis in the Red Sea.
As a result of these incidents, oil prices surged on Monday, with Brent reaching $108 per barrel and WTI Crude climbing to $103.
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