Saudi oil output plunges to lowest level since 1990 as Houthi blockade, Iran war squeeze exports
Saudi Arabia’s oil production plunged to its lowest level since 1990 amid Middle East conflicts.
The kingdom’s output fell 1.9 million barrels per day in August, a 23% drop from July.
Houthi attacks and blockades in the Red Sea compounded disruptions already hitting the Strait of Hormuz.
Brent crude surged past $107 a barrel as the supply crisis deepened.
U.S. diesel prices hit a record $6 a gallon, squeezing American drivers and businesses.
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