Houthi Pipeline Attack Sends Global Oil Prices Soaring

Saudi Arabia's East-West pipeline, which transports oil from its Persian Gulf coastline to the Red Sea port of Yanbu, was attacked by the Houthi movement in Yemen. The attack has sent global oil prices soaring above $100 a barrel and raised concerns about the potential for further disruptions.

The pipeline, built in the 1980s, is crucial for maintaining oil supplies to Europe and Asia. Before the attack, it carried around 5% of global oil production through the Bab al-Mandeb Strait. The closure has already led to a significant increase in diesel prices, which are being felt across the globe.

The Houthis, who have been backed by Iran, have long sought to control all of Yemen and gain recognition as the country's legitimate government. Saudi Arabia, on the other hand, opposes their efforts and has been supporting the Yemeni government with airstrikes.