Saudi pipeline shut after drone attacks
Saudi Arabia shut down its vital East-West pipeline after multiple drone attacks, intensifying the pressure on Gulf energy exports. The pipeline had provided a workaround for Saudi crude, allowing the kingdom to bypass the Strait of Hormuz; its shuttering threatens the loss of 4% of the global oil supply, Yemen’s Iran-backed Houthis also seized Perim Island in the Bab al-Mandab Strait, threatening a second major shipping route through the Red Sea. Together, the disruptions could further squeeze oil exports, driving prices higher — the price of Brent crude surged above $109 a barrel last week. “With two critical maritime arteries simultaneously being choked, the world is facing an increasing constriction” of global energy flows, a consultant told The Washington Post.
Saudi Arabia shut down its vital East-West pipeline after multiple drone attacks, intensifying the pressure on Gulf energy exports. The pipeline had provided a workaround for Saudi crude, allowing the kingdom to bypass the Strait of Hormuz; its shuttering threatens the loss of 4% of the global oil supply, Yemen’s Iran-backed Houthis also seized Perim Island in the Bab al-Mandab Strait, threatening a second major shipping route through the Red Sea. Together, the disruptions could further squeeze oil exports, driving prices higher — the price of Brent crude surged above $109 a barrel last week.
“With two critical maritime arteries simultaneously being choked, the world is facing an increasing constriction” of global energy flows, a consultant told The Washington Post.