Salalah Meeting Postponed and Petrol Line Closed as Oil Exceeds $100
The rise in oil prices resulted from the escalation of the global oil supply crisis, especially after the Saudi "East-West" pipeline was halted following a drone attack, which led to Brent prices exceeding $107.50 per barrel and West Texas Intermediate rising to around $102.30. These disruptions threaten global oil supplies, as the pipeline is a major transportation route from the eastern region of the kingdom. There is increasing concern over the continued ban on oil transit through the Strait of Hormuz, one of the world's most important energy passages. Analysts expect prices to continue rising toward around $120 per barrel, as shipping traffic through the strait declines, while Oman assures that these disruptions are temporary. Since the beginning of the year, oil prices have soared by over 75%.
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