Middle East Tensions Send Oil Prices Soaring Amid Pipeline Shutdown

A series of events in the Middle East has pushed up global oil prices. The Houthis, an Iran-aligned group, launched a new attack on Saudi Arabia, targeting a military airbase and hitting aircraft hangars, radar systems, runways, and ammunition depots.

The attack was described as retaliation for hundreds of Saudi airstrikes on Yemen in recent days. Saudi authorities announced emergency alerts in several southern cities that have previously come under Houthi fire.

A separate attack knocked out Saudi Arabia's east-west pipeline, the main route for Middle East oil bypassing the blockaded Strait of Hormuz. The pipeline is expected to be shut for more than a few days, which could cut off as much as 4% of global oil supply.