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Oil prices climb as Iran squeezes alternative routes
Oil prices surged Monday in the wake of recent Iranian-backed attacks on a pair of key supply routes outside the contested Strait of Hormuz. Brent crude futures reached $108 a barrel, the international benchmark's highest mark since May. Prices moved in response to drone attacks on Saudi Arabia's East-West pipeline, forcing its closure, as well as Houthi militants claiming territory near the Bab al-Mandeb Strait off Yemen that connects the Red Sea to the Indian Ocean. On WebNovare, experts fear the price pressures could start squeezing broader earnings, threatening the resilient stock market.
Oil Surges Above $108 as Saudi Pipeline Attack Deepens Global Supply Fears Oil prices surged Monday as a fresh wave of attacks across the Middle East raised fears that an already-constrained global energy market could face even deeper supply disruptions...
