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The Big Story: Oil is back above US$100. What does it mean for Singaporeans?
Oil prices have surged back above US$100 a barrel as attacks disrupt key energy and shipping routes across the Middle East. A drone strike has shut down part of Saudi Arabia’s East-West pipeline, threatening a route that can move Saudi crude without passing through the Strait of Hormuz. Meanwhile, vessels have come under attack in the Strait of Hormuz, with tensions also rising around the Bab el-Mandeb, two critical chokepoints for global energy shipments. So how serious is the threat to global oil supplies? And if higher oil and shipping costs persist, how could this ripple through to…
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