Oil prices exceed $105 following Saudi Arabia export suspensions

Global oil prices have surged, with American crude exceeding $105 per barrel. This price shock follows reports that Saudi Arabia has suspended oil shipments at the Yanbu port, a critical export hub on the Red Sea, affecting supplies to European refineries.

Additional supply constraints are contributing to market volatility, including production outages in Libya where three oil fields have ceased operations.

Amid rising fuel costs, Donald Trump has criticized Ukraine for driving up global diesel prices through drone strikes on Russian refineries, urging President Volodymyr Zelenskyy to target different objectives. However, energy experts dispute this claim, arguing that the primary driver of high diesel prices is the conflict in the Middle East and disruptions in the Strait of Hormuz, which have hindered the export of both crude oil and refined products.