Oil Prices Spike Amid Supply Risks

Saudi Arabia reported that its production capacity was cut by 600,000 barrels per day following strikes on key pipelines and refineries.

Despite a fragile ceasefire between the US and Iran, maritime traffic through the vital Hormuz chokepoint remains at a virtual standstill.

Shippers are reportedly hesitant to navigate the waterway due to uncertainty over toll demands and military coordination requirements.

This supply crunch is expected to drive US inflation higher, with economists forecasting a sharp jump in consumer prices for March.