Diplomacy stumbles with postponement of meeting on Strait of Hormuz proposal

The postponement came on the heels of Saudi Arabia's decision to shut down, at least for now, its pipeline that has served as the ⁠main route for Middle East oil bypassing the Strait of Hormuz.

Traders and Saudi oil buyers told Reuters on Sunday that Riyadh has enough oil stored at its Red Sea port of Yanbu to maintain exports for just five to seven days if the pipeline struck on Friday remains shut.

Oil prices jumped as markets reopened on Monday, following developments that threaten supplies from the world's ‌biggest exporter, Saudi Arabia, which kept a key 1,200-km (745-mile) east-west pipeline closed throughout the weekend after it was damaged in drone strikes on Friday.