Saudi Aramco Halts Crude Supplies to India Amid Pipeline Attack
Saudi Aramco has temporarily halted crude oil supplies to Indian refiners due to an attack on its East-West pipeline, The Economic Times reported on Friday. The 1,200-km long pipeline, which runs across the Arabian Peninsula, was shut down after drone attacks by Iran-backed militias in Iraq.
The pipeline shutdown is a significant blow to the oil market, particularly since Saudi Arabia had been using it at full capacity earlier this year. At that time, traffic through the Strait of Hormuz came to a near standstill following Iranian attacks on ships.
Oil prices have fallen on Friday, extending losses for a third straight session as easing concerns over Saudi supply disruptions outweighed worries about a widening conflict in West Asia. Benchmark Brent crude futures fell $1.65, or 1.6 per cent, to $103.17 a barrel by 1008 GMT.