Gulf states canceled Iran talks on the Strait of Hormuz as Houthis struck a Saudi airbase and a pipeline shutdown threatens 4% of global oil

Foreign ministers from the Gulf Cooperation Council—which is comprised of Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, and Oman—will meet their Iranian counterpart on Monday.

Saudi Arabia's foreign minister said the Petroline was damaged following a drone launched by Iran-backed rebels in Iraq.