Oil prices surge over $3 amid Saudi export halt and Libya output cuts

Oil prices rose more than $3 as Saudi Arabia suspended crude loadings at its Yanbu export terminal and Libya halted production at three oil fields. The supply disruptions fuelled concerns about global energy availability.

Shipping traffic through the Strait of Hormuz declined during the period, adding to market tension. Attacks on energy infrastructure in Russia and Ukraine also weighed on markets, pushing US diesel futures to their highest level in over four years.