Houthis Attack Saudi Arabia, Iran Talks Canceled, Oil Prices Surge

The Persian Gulf states have called off a meeting with Iran, while Yemen's Houthis have launched a new attack on Saudi Arabia, hitting aircraft hangars, radar systems, and ammunition depots. The Houthis' advance has jeopardized global oil supplies, with crude oil prices rising more than three percent and the US diesel price hitting a new all-time high above $6.23 per gallon. The closure of Saudi Arabia's east-west pipeline, which bypasses the blockaded Strait of Hormuz, could cut off as much as four percent of global oil supply unless reopened within days.