Middle East supply fears lift oil prices as tech stocks slide

Oil prices have risen due to concerns about supply from the Middle East. Saudi Arabia closed a key pipeline after drone attacks by Yemen's Houthi rebels. According to Malay Mail, both main crude contracts jumped more than three per cent at one point after the pipeline was shut.

The attacks have added to worries about the region's shipping corridors. The Houthis have been strengthening their hold on the Bab Al-Mandab strait, a vital route linking Europe and Asia. A merchant vessel was also struck in the Strait of Hormuz.

Tech stocks have fallen amid concerns about AI development. Leaders of companies at the forefront of the AI boom have backed calls for a slowdown in development, citing warnings that it could pose a threat to humanity. US diesel prices have also surged, with average prices topping $6 a gallon on Friday.

Brief written by urgent.news from Punch Nigeria, Malay Mail, Punch — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.