Business
Saudi Arabia Shuts Down Pipeline That Was a Crucial Hormuz Bypass
DUBAI—Saudi Arabia shut down a crucial pipeline that allowed the kingdom to continue exporting crude oil after Iran closed the Strait of Hormuz, saying it had been attacked multiple times by drones fired from Iraq.
The crucial East-West pipeline can carry up to 7 million barrels of crude a day 750 miles from Saudi Arabia’s oil-producing heartland on the Persian Gulf to the port of Yanbu on the Red Sea. From there, the Saudis had been able to ship millions of barrels of oil to customers around the world.
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Crestmont P/E And Market Valuation: August 2026
Week Ahead: BOJ And Fed May Pay Heavy Price If They Disappoint The Market
U.S. stocks snapped a four-session losing streak as an interruption to the torrid run in oil prices offset a reading of higher consumer inflation.
The Dow Jones Industrial Average rose 509.19 points, or 0.98%, to 52573.29. The S&P 500 added 65.28 points, or 0.86%, to 7656.98 and the tech-heavy Nasdaq Composite rose 251.31 points, or 0.96%, to 26333.04.
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Financial Services Roundup: Market Talk
The nationwide average price for a gallon of diesel rose to $6.069 on Friday, according to Dow Jones Energy data. In California, that price is up to $7.983. Both are new record highs.
The price of the fuel has risen 14% in the past month and more than 60% in the past year. Higher domestic prices reflect surging exports of U.S. diesel as the closure of the Strait of Hormuz, combined with Ukrainian attacks on Russian oil refineries, crimp the supply of refined products around the world.
Gasoline prices also continue to forge higher. The average price of a gallon is now $4.295, AAA said, up more than 40% since the Iran war started.
Ian Bezek is a former hedge fund analyst at Kerrisdale Capital. He has spent the decade living in Latin America, doing the boots-on-the ground research for investors interested in markets such as Mexico, Colombia, and Chile. He also specializes in high-quality compounders and growth stocks at reasonable prices in the US and other developed markets. Ian leads the investing group Ian’s Insider Corner. Features of the group include: the Weekend Digest which covers everything from new ideas to updates on current holdings and macro analysis, trade alerts, an active chat room, and direct access to Ian. Learn More.
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The global bond sell off continued Friday as long-run yields hovered around their multiyear highs and U.S. investors raised their bets the Federal Reserve will hike interest rates at its meeting next week.
The Labor Department reported that the consumer-price index report held steady at 3.4% in August, matching economist expectations. However, a firmer than expected measure excluding volatile food and energy prices came in higher than expected.
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Long Player believes oil and gas is a boom-bust, cyclical industry. It takes patience, and it certainly helps to have experience. He has been focusing on this industry for years. He is a retired CPA, and holds an MBA and MA.
He leads the investing group Oil & Gas Value Research. He looks for under-followed oil companies and out-of-favor midstream companies that offer compelling opportunities. The group includes an active chat room in which Oil & Gas investors discuss recent information and share ideas. Learn more.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of MUR either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Disclaimer: I am not an investment advisor, and this is not a recommendation to buy or sell a security. Investors are recommended to read all of the company’s filings and press releases as well as do their own research to determine if the company fits their own investment objectives and risk portfolios.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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