Oil prices up nearly 3% following new strikes on Saudi, Strait of Hormuz

Oil surged 8% higher last week due to the disruptions, rising above $100 for the first time since July.

Omani Foreign Minister Badr Albusaidi said on X on Sunday that a scheduled Monday meeting in Oman between Gulf countries and Iran to discuss the Strait of Hormuz had been postponed.

No peace talks have been held on the war, launched six months ago by the United States and Israel, since an interim agreement in June collapsed.

Saudi Arabia's East-West oil pipeline was temporarily shut following a drone attack, according to Saudi officials. The shutdown of the pipeline, which helps Saudi Arabia avoid the Strait of Hormuz and re-route its exports, threatens up to 4% of global oil supply.

With the pipeline out of service, the port of Yanbu on the Red Sea has enough inventory to cover just five to seven days of exports, according to three industry sources familiar with Saudi Arabia's exports.