Militant attack forces Saudi pipeline shutdown, Brent crude nears $110
Oil prices just shot up after a key Saudi pipeline was forced to shut down for weeks due to a militant attack.
This pipeline usually has the capacity to ship about 7 million barrels of oil a day to Yanbu, so its closure has pushed Brent crude toward $110 per barrel.
How long this lasts (and whether there's enough backup supply) will shape what happens next for global markets.
Tight supplies heighten global inflation concerns
This shutdown piles onto an already tense oil market, with prices up more than 75% this year thanks to low stockpiles and high demand from places like China.
Rising fuel costs are making inflation worries worse everywhere, and could even impact big decisions by the US Federal Reserve.
Plus, ongoing conflicts in the Middle East and Russia are still messing with diesel supplies worldwide.