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Commodities

Saudi Arabia Cuts Oil Pipeline Amid

Guavy AI Editorial Team
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Oil
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Saudi Arabia has been forced to shut down its key East-West oil pipeline due to drone strikes from Iraq, exacerbating the 'triple blockade' that's crippling Middle Eastern fuel supplies.

The closure of the 745-mile pipeline, which carries around 5% of global oil, comes as Iranian-backed Houthi rebels have seized a strategic island in the Bab al-Mandab Strait.

Riyadh has chosen not to retaliate against the drone strike, giving the Iraqi government an opportunity to take necessary measures. However, it reserves its right to protect sovereignty and security, ensuring the safety of citizens and residents.

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