Oil rises above $110 on Middle East supply fears as US and Iran fail to make progress
The new Straits of Hormuz corridor agreed by Oman and Iran, which Iran is now accused of using as cover while striking tankers far beyond the strait, pushing oil prices above $110 a barrel.
Shiptracker Kpler recorded at least 18 attacks on vessels in just two weeks, with tankers now being hit as far away as the Gulf of Oman. The Houthis claimed strikes on a Saudi Aramco site in Yanbu and on the Shaybah oilfield. Iran reportedly told Pakistan's army chief there will be no talks with Washington until its demands are met. US crude rose $1.45 to $99.27.
DBS energy chief Suvro Sarkar says any peace deal remains 'still very distant'.
EU households could be asked to cut their energy use, with gas prices up 140%.
Europe's gas storage stands at 74%, its lowest level since 2011.
