Diesel pushes to new all-time high as oil prices jump after key Saudi pipeline is shut

The price of oil jumped Monday after Saudi Arabia shut a critical pipeline and talks about the future of the Strait of Hormuz were postponed.

The international oil benchmark, Brent crude, rose as high as $108, while U.S. crude oil touched $103 per barrel.

Monday’s jump in prices came after the attacks on the East-West Pipeline, a key route for energy supplies that became even more critical due to the ongoing stalemate in the Strait of Hormuz, where vessel traffic has barely reached double digits in recent days.

U.S. Energy Secretary Chris Wright said Monday that he did not have an exact time frame for when the pipeline may restart but he was in contact with his Saudi counterpart and believed it would be “very soon.”

“I might have more of a time frame tomorrow,” he told Bloomberg Television. “They’ve been very carefully assessing what the damage was, what needs to be done, and and I think more clarity on that will come out very soon.”

On Friday, the Saudi Energy Ministry said the pipeline was shut down “as a precautionary measure.” It did not say when the pipeline would be operational again. The attacks came as the Iran-backed Houthi…

Original source: https://www.nbcnews.com/business