Middle East Tensions Spark Oil Price Jitters Amid Pipeline Shutdown
The Middle East is witnessing a surge in tensions as a series of attacks disrupt oil supplies. A critical maritime corridor, the Strait of Hormuz, saw one vessel struck by a projectile, resulting in a fire and evacuation of its crew.
A Saudi commercial ship was also hit off the coast, with Iranian officials confirming that one person was killed and four others wounded. The Houthi militia claimed responsibility for an attack on a Saudi military base, further escalating fears of ongoing conflict.
The situation took a turn for the worse as drone strikes damaged Saudi Arabia's key East-West oil pipeline, which transports 4 million barrels of crude oil per day. The pipeline was severely damaged, leading to its shutdown, with estimates suggesting it may take up to six weeks for full restoration.