EU Leaders Scramble as Saudi Pipeline Attack Threatens Global Oil Supply
European leaders are scrambling to mitigate rising oil prices after Saudi Arabia's East-West oil pipeline was temporarily shut down due to Houthi and Iraqi attacks. The disruption threatens up to 4% of global oil supply, with Brent crude oil trading above $113 a barrel.
France and Italy, both facing crucial elections in 2027, are particularly concerned about high energy prices affecting their voters' purchasing power. French President Emmanuel Macron has ordered a 'mobilisation' to tackle fuel prices, linking energy security to diplomacy in the Middle East.
Italy's Prime Minister Giorgia Meloni has abolished car taxes and asked the European Commission to treat the energy crisis as a defence emergency, relaxing fiscal rules for member states. Spain has also doubled its diesel tax cut, while Germany plans to present measures to ease fuel prices soon.