Strait of Hormuz

And a diplomatic breakthrough does not appear imminent.

Oman was supposed to host a meeting on Monday between Iran and Gulf Arab countries to discuss the Strait of Hormuz, a key route for energy supplies, but it's been postponed.

The BBC's Rory Gallimore, and you're listening to NPR News.

Asian shares closed mixed on Monday.

South Korea's KOSPI lost two and a half percent, while Hong Kong's Hang Seng rose three-tenths.

U.S. futures edged lower and oil prices gained more than three percent as worries grew over world oil supplies after Saudi Arabia shut down a major oil pipeline.

That line was being used to help bypass shipping through the Strait of Hormuz after it was attacked.

Pennsylvania officials are reporting the third measles-related death in the state so far this year.

Software was one, so software we kind of leaned into pretty hard.

We also took energy off at around the same time, sort of with the advent of the US-Iran war, the Strait of Horm- Hormuz bit.

When crude kind of went north of 100, we took a lot of our energy length off.

We did add to private equity sponsors in sort of, like, March, April-ish.

The Financial Times reports that the company expects to be profitable this quarter as it prepares for an initial public offering.

Brent crude has briefly risen above $108 a barrel after Saudi Arabia shut a major pipeline used to bypass the Strait of Hormuz.

The closure followed attacks on the pipeline as separate talks on creating a temporary shipping lane through Hormuz were postponed.

Oman says the meeting between Iran and Gulf nations was delayed in the interests of consensus.

I'm Sue Guzman, Fox News.

A planned meeting between Iran and Oman about the Strait of Hormuz for today has been postponed.

The latest from Fox's Kevin Corke.

The talks were set to address the status of the Strait of Hormuz.

Oman and Iran have been negotiating a deal on managing shipping through the vital waterway, but Iran wants ships to pay transit fees, something Oman obviously opposes.

Now, the meeting was postponed at the request of regional countries like Bahrain, who were already planning not to attend, citing its lack of diplomatic relations with Tehran.

Brent Crude climbed above US$107 a barrel after fresh attacks on Saudi Arabia and merchant vessels in the Persian Gulf continued to raise concerns about global energy supplies.

Not helping, of course, is a, a summit between Iran and the Gulf states aimed at preserving access through the Strait of Hormuz.

That's also been postponed.

Adding to the nerves, markets are now pricing an 87% chance that the US Federal Reserve will lift rates this week after stronger than expected inflation figures in the world's biggest economy.

I did mention earlier that, uh, oil prices fell on Friday night, but today back to 108 US a barrel, so back up by around 2 to 3%.

And that follows reports that talks between Iran and several Gulf nations on establishing a temporary shipping corridor through the Strait of Hormuz.

Those talks have actually been postponed, and that's led to renewed supply concerns, and that's why we have seen oil prices shooting higher, which is keeping inflation elevated, and that could lead to interest rate hikes.

Important to note that we did see the European Central Bank actually hiking interest rates last week as well.

The Houthis now have effective control over the Red Sea, or at least the southern gate to it, to be more precise.

This development comes while their bosses in Tehran, of course, can threaten the Persian Gulf and the Strait of Hormuz.

Taken together, ladies and gentlemen, this clearly has profound implications for the global economy.

With the Iranians this morning crowing that they now possess what they call better than a nuke option.

and feed insecurity in the north, but it's the global south countries that don't have the economic power, they don't have the geopolitical power to be able to corner markets in the way that the US or the UK or Europe can do.

And so the reality of the situation is, you know, with Odessa with Iran, the Straits of Hormuz, Bab el-Mandab, as I've talked about, Panama Canal drying out, and global issues to do with harvests this year, perhaps next year because of El Nino, then we can probably expect global food prices to increase and the ones that will suffer will be the global south.

And it's not that famines are a thing of the past.

I mean, I grew up in the 70s and 80s where there was a lot of famine in Eastern and the Horn of Africa.

Brent Crude climbed a above US$107 a barrel after fresh attacks on Saudi Arabia and merchant vessels in the Persian Gulf continued to raise concerns about global energy supplies.

Not helping, of course, is a summit between Iran and the Gulf states aimed at preserving access through the Strait of Hormuz.

That's also been postponed.

Adding to the nerves, markets are now pricing an 87% chance that the US Federal Reserve will lift rates this week after stronger than expected inflation figures in the world's biggest economy.