Oil surges above US$100 as Middle East fears deepen, tech stocks slide
HONG KONG, Sept 14 — Oil prices spiked Monday on Middle East supply fears after Saudi Arabia closed a key pipeline...
Oil prices surged above $100 a barrel on Monday due to fears of supply disruptions in the Middle East, following Saudi Arabia's closure of a key pipeline after drone attacks by Yemen's Houthi rebels. The Houthi group has been gaining control over the Bab Al-Mandab strait, a vital shipping route connecting Europe and Asia. Meanwhile, tech stocks experienced a sharp decline after leaders of companies at the forefront of the AI boom called for a slowdown in the sector's development due to concerns about potential risks to humanity.
The prospect of higher US borrowing costs further fueled inflation concerns ahead of an anticipated Federal Reserve rate hike.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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