Brent Nears $110 Then Tumbles On IEA Demand Destruction Warning As Houthis Threaten Saudi Oil Escape Route, Diesel Shock Goes Global

Brent crude futures nearly topped $110 a barrel in the overnight hours but fell 3.5% to the $103 handle by 6 a.m. ET, after reports from the International Energy Agency that soaring fuel costs could spark global demand destruction. The global benchmark remained on course for its biggest weekly advance since July. Prices have soared more than 70% this year…