Commodities
Saudi East-West Pipeline Shut Down After Houthi Attacks
Saudi Arabia's Ministry of Energy has taken the precautionary measure of shutting down its 1,200 km East-West Pipeline after it was targeted by Yemen's Iran-aligned Houthi militants last week.
The pipeline, which is a crucial transportation route for Saudi crude exports, was attacked in the Riyadh and Madinah region, resulting in several injuries.
Riyadh relies heavily on this pipeline to export about 70% of its crude oil through the Red Sea terminal at Yanbu, bypassing the Strait of Hormuz.
The shutdown of the pipeline has caused Brent crude prices to rise as it exacerbates supply concerns in a market already plagued by severe shortages.