Drone Attacks Damage Saudi Oil Pipeline, Prices Soar Amid Middle East Uncertainty
Saudi Arabia's East-West pipeline, a strategic network transporting crude oil from Abqaiq to Yanbu, has been damaged in a drone attack. The 750-mile Petroline was closed on Friday as a precaution after multiple strikes launched from Iraq. Satellite images show fire damage and extensive blackened areas around a pumping station.
The attacks, which injured several people, have raised concerns about energy markets and global trade. The Houthis' advance toward the Bab el-Mandeb Strait could have significant ramifications for Red Sea shipping and oil prices.
Oil prices have rallied amid deepening supply concerns in the Middle East. Brent crude futures rose 3.3% to $108.02 per barrel, while US West Texas Intermediate futures traded nearly 3% higher at $102.98.