Drone Strike on Saudi Pipeline Puts Up to 4% of Global Oil Supply at Risk

A drone strike on Saudi Arabia's East-West oil pipeline has put up to 4% of global oil supply at risk, pushing fuel prices to record highs and exacerbating a global supply crunch.

The attack, which occurred on Friday, has forced Riyadh to shut down the pipeline, which had been rerouting around 4 million barrels per day, roughly 4% of global supply, to the port of Yanbu on the Red Sea.

Saudi Arabia's government media office and energy ministry have yet to provide full details about the extent of the damage or how long the route will stay offline, but industry sources estimate that repairs could take anywhere from five to six weeks.