Saudi Arabia's East-West pipeline shutdown removed 4% of global supply, pushing Brent to $109/barrel and California diesel to a record $8.14/gallon. With Hormuz closed since February and Houthi forces seizing Red Sea chokepoints, global oil supply has lost both major alternative shipping routes. Diesel costs roll into groceries and freight within 6-10 weeks, and a national average above $6.50 could trigger trucking bankruptcies before winter.
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That image, splashed across Bloomberg and Fortune over the past several days, is the concrete face of a supply shock that has been building since late winter and just took its worst turn yet. California's statewide average diesel price hit $8.14 a gallon, a record, while the national average diesel price crossed $6.20 a gallon, also a first. Trucks still have to move.
Farmers still have to harvest. Every one of those miles now costs materially more than it did in July. The reason prices jumped this week, rather than last, is Saudi Arabia.
Riyadh shut its East-West pipeline over the weekend, the line that was supposed to be the workaround if the Strait of Hormuz stayed closed. put the outage at roughly 4% of global oil supply. Brent responded immediately, closing at $109.51 a barrel on September 9, up from $68.53 on July 2. West Texas Intermediate, the U.S. benchmark, sits at $103.50 a barrel, up 22.3% in a month. 24/7 Wall St has helped investors make money for over two decades, and our top analysts just finished ranking the definitive Top 10 Stocks To Buy Now.
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