Oil prices rise after Saudi Arabia shut down critical pipeline that bypasses Strait of Hormuz

Crude oil prices rose more than 2% on Sunday after Saudi Arabia closed its critical pipeline that bypasses the Strait of Hormuz.U.S. West Texas Intermediate futures were up 2.3% to $102.38 per barrel by 6:02 p.m. ET. Brent crude, the international benchmark, traded 2.3% higher to $107.02 per barrel. Drones launched from Iraq damaged the East-West pipeline on Thursday, forcing the Saudi government to close the key crude oil artery. Riyadh has not disclosed how badly the pipeline is damaged or how long it will remain shut. A diplomatic meeting between Iran and the Gulf Arab states to discuss the situation in Hormuz, originally scheduled to take place Monday in Oman, was abruptly postponed after the pipeline attack. "In the interests of consensus the regional meeting set for tomorrow in Salalah has been postponed," Oman's Foreign Minister Badr Albusaidi said Sunday in a social media post. "We remain committed to fostering dialogue that supports stability and lasting cooperation in our region." The security situation in Hormuz remains precarious with another tanker coming under attack Sunday resulting in a severe fire onboard, according to the United Kingdom Maritime Trade Operations C...