Commodities
East-West Pipeline Shutdown Looms as Saudi Arabia Faces Crude Supply Crunch
The East-West Pipeline, a critical lifeline for global crude supplies, faces weeks-long shutdown following recent attacks. US Energy Secretary Chris Wright said it will take 'measured in days' to assess and repair the damage.
Saudi Arabia is taking steps to move more oil out of the Strait of Hormuz. The East-West Pipeline carries 4-5 million barrels per day, accounting for 4-5% of global supply.
The pipeline outage comes amid diplomatic friction between Riyadh and Washington, with US resisting Saudi requests for direct military intervention.