Oil Prices Soar After Drone Attack on Saudi Pipeline

The recent drone attack on Saudi Arabia's East-West pipeline has caused Brent crude oil prices to surge past $108 a barrel, with WTI rising 4.7% to $106.12.

Amin Nasser, President and CEO of Saudi Aramco, described the supply crisis as 'the largest the world has ever experienced', with no backup to the pipeline's capacity of 7 million barrels a day.

The East-West pipeline was the only piece of infrastructure keeping global oil markets stable after Iran closed the Strait of Hormuz. The drone attack is expected to take three to five weeks to repair, and some September cargoes to European buyers have been cancelled.