Daily brief
Saudi Arabia has restored its East-West oil pipeline to full operational capacity of 7 million barrels per day after recent attacks disrupted operations. The restoration comes as oil prices surge following US threats to block the Strait of Hormuz and block Iranian ports, with WTI crude skyrocketing to $104 after failed Iran talks. High oil prices are driving record train passenger numbers and forcing analysts to cut economic forecasts, while global supply chains face disruption from LNG shocks and production declines.
Oil prices rose after President Donald Trump threatened to block passage through the Strait of Hormuz, with the ADNOC CEO stating the strait is not Iran's to control and reports indicating the blockade could begin as early as Monday night.
Saudi Arabia and Qatar will provide $5 billion in aid to Pakistan.
Telegram founder updated the app to bypass a total ban in Russia.
Oman launched a bidding round for five oil and gas blocks.