Oil hits $108 after Saudi Arabia closes vital export pipeline
Riyadh pulls out of regional talks to de-escalate hostilities over Strait of Hormuz in wake of drone attack last week Price spike comes as rebel Houthis in Yemen target oil infrastructure and capture strategic island in Bab al-Mandab strait Business news – live updates Oil prices have climbed above $108 a barrel after a series of drone attacks forced Saudi Arabia to close its east-west crude pipeline.
Brent crude, the international benchmark for oil prices, surged to as much as $108.03 a barrel on Monday – a 3.25% increase on the day. Continue reading...
"The Pulse With Francine Lacqua" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.
⚡ Effects Interpreter
🌍World Economy
- ▶Changes at the top could reshape trade deals and diplomatic ties.
- ▶Markets often read political news for clues about what comes next.
🏙️Local Economy
- ▶Your weekly shop could get a touch dearer, or cheaper, down the line.
- ▶Jobs and trade close to home could feel a soft knock-on effect.
🏦Rates & Banks
- ▶Borrowing costs may hold while the political picture clears.
- ▶The market for money often twitches first when politics shifts.
❤️Health
- ▶Looking after mental health is worth it when headlines feel heavy.
- ▶The strain, if any, tends to show up quietly in everyday life.
💷Wealth
- ▶Savings and portfolios can see short-lived ups and downs after a story like this.
- ▶It might be worth a quick look at your ISA or pension in the coming days.
🏠Housing
- ▶Buyers and renters could notice only a gentle drift, if anything at all.
- ▶Home costs usually respond later, once the bigger picture settles.