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Crude oil tops $107 as major Saudi pipeline shuts, key shipping routes come under fire

The Callisto oil tanker sits anchored in Port Sultan Qaboos as the traffic is down in the Strait of Hormuz, amid the US-Israeli conflict with Iran, in Muscat, Oman, March 12, 2026. —Reuters East-West pipeline shutdown threatens up to 4% of global oil supplyMonday Gulf-Iran. ..

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