Oil prices climbed steeply after drone attacks shut Saudi Arabia's East-West pipeline. The move arrived on the back of an attack on energy infrastructure. Diesel prices hit a fresh record. That result put more pressure on the broader energy market. Supply fears from the Middle East are extending gains across the sector. A Houthi advance has placed key oil shipping routes under pressure. This development has heightened worries about global supply lines. Traders are weighing the risks now. Despite these concerns, the Australian stock market (ASX) has resisted immediate impacts from higher oil and rate hike fears. The local bourse held firm even as energy costs climbed. Investors remain alert to the next moves in crude prices. The oil market may remain unstable while Middle East risks persist. Another large price swing cannot be ruled out. Energy markets remain on edge after the latest escalation.