Oil prices surged higher after drone attacks shut Saudi Arabia's East-West pipeline. The move followed a major supply disruption. Diesel prices hit a fresh record. That result created fresh stress for the broader energy market. Supply fears from the Middle East continue to lift prices across the sector. A Houthi advance is putting 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 held firm even as energy costs climbed. Investors are watching the next moves in crude prices. The oil market might keep swinging while Middle East risks persist. Another large price swing remains possible. Energy markets remain on edge after the latest escalation.