Economy

Attack on Saudi Pipeline Threatens Global Oil Supply

AI SUMMARY

A drone attack on Saudi Arabia's East-West Pipeline will take up to six weeks to repair, threatening nearly four percent of global oil supplies.

Saudi Arabia estimates it will take five to six weeks to repair damage from a drone attack on its East-West Pipeline.
The pipeline closure takes nearly four percent of global oil supplies off the market, amounting to about four million barrels per day.
Brent crude traded up three percent on Monday to nearly $108 per barrel.
Energy expert Gregory Brew reported that physical crude from Oman is selling at $121 per barrel and Murban crude from the UAE at $131 per barrel.
Satellite images released by Vantor on Sunday showed massive damage at a pumping station in al-Mesabaah, southeast of Medina.
Saudi Arabia stated that the drone attack originated from Iraq, home to Shia-dominated militias aligned with Iran.
The East-West Pipeline was built in the 1980s during the Iran-Iraq war to bypass the Strait of Hormuz, running from the Gulf coast to the Red Sea port of Yanbu.