Pipeline Attack Sends Oil Prices Soaring as Tensions Escalate

Saudi Arabia has temporarily shut down its East-West pipeline after it was attacked by drones. The attack, which originated in Iraq, threatened to send energy prices higher and caused some injuries and damage.

The pipeline, which spans over 1,200 km (745 miles), had been moving around 4-5 million barrels of oil per day, accounting for 4-5% of global supply. This closure comes at a time when the world's largest crude oil exporter was already struggling with a shipping logjam in the Strait of Hormuz.

The Saudi Energy Ministry said it had shut down the pipeline as a precautionary measure after the attack. The US President, Donald Trump, has suggested that Iran is responsible for the attack and predicted that the war would end soon after the US midterm elections in November, when oil prices would 'come tumbling down'.