Oil Hits $108 as Talks with Iran Delayed Over Hormuz

Oil prices reached $108 per barrel as Gulf states postponed talks with Iran regarding the crucial Strait of Hormuz. This follows a recent closure of a Saudi pipeline, which occurred after a drone attack last week. The delay in meetings over this vital waterway heightens concerns about supply disruptions in the region. For investors, the fluctuation in oil prices can significantly impact energy sector stocks and inflation levels.