Shares of energy companies fell amid concerns about demand destruction.
With oil futures above $100-a-barrel and diesel futures above $6 a gallon in the U.S., users could soon be forced to cut back on consumption.
The spike in oil prices continued after attacks on the East-West pipeline that Saudi Arabia was using as an alternative route for Persian Gulf oil. The closure of that pipeline coincided with advances by Houthi rebels in Yemen to key locations controlling the Bab al-Mandeb Strait, another outlet for Saudi oil.
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