Oil Prices Jump After Iran and Gulf Nations Cancel Talks

A key meeting about safety in the Strait of Hormuz was called off. The move comes as fighting in Yemen continues to rattle world markets.

Oil prices just hit their highest level in four months. This is happening because a very important meeting between Iran and several neighboring Arab countries was suddenly called off. The meeting was supposed to happen in Oman. Officials were going to talk about the Strait of Hormuz. That is a narrow waterway where a huge amount of the world's oil is shipped every single day. Countries are worried about safety in that area. Lately, there have been more attacks in the region, including by Houthi rebels in Yemen who have been targeting Saudi Arabia. Because of all this fighting, it has becom…