Oil prices surged higher after drone attacks shut Saudi Arabia's East-West pipeline. The move followed a major supply disruption. Diesel prices set an unprecedented peak. That result put more pressure on the broader energy market. Supply fears from the Middle East are supporting the rally across the sector. A Houthi advance has placed key oil shipping routes under pressure. This development has amplified worries about global supply lines. Traders are monitoring supply risks now. Despite these concerns, the Australian stock market (ASX) has shrugged off immediate impacts from higher oil and rate hike fears. The local bourse stayed resilient even as energy costs climbed. Investors are focused on the next moves in crude prices. The oil market may remain unstable while Middle East risks persist. Another large price swing remains possible. Energy markets are staying jittery after the latest escalation.