Houthi strikes on Saudi Arabia’s oil infrastructure have heightened concerns that disruptions could further restrict Middle Eastern crude supplies. Potential damage to the 7 million barrels-per-day East-West pipeline threatens Saudi export routes capable of handling 3 million to 4 million b/d. ICE Brent reached $105 a barrel, while available Middle Eastern grades including Murban and Oman reached $120. A weekend meeting of Gulf foreign ministers eased fears of an immediate price escalation, but prolonged disruption could push prices higher. OPEC cut its 2026 global oil-demand growth forecast by 200,000 b/d to 380,000 b/d, its fifth consecutive downward revision, while raising its 2027 forecast to reflect a 2.36 million b/d recovery. The wider energy market is also facing falling U.S. diesel inventories, elevated European gas prices, renewed coal demand, tighter LNG supply and multiple refinery and export disruptions.