Middle East Oil Exports Under Threat After Strait of Hormuz Traffic Drops to Single Digits

Middle East oil supply at risk as Strait of Hormuz traffic plummets to single digits, and Saudi Arabia shuts down East-West pipeline used to bypass the strait. The pipeline closure adds vulnerability to Saudi oil exports, sending oil prices rallying in Asian trade, with Brent hitting $108 per barrel and WTI Crude jumping to $103.