Saudi East-West Pipeline Shut Down After Multiple Attacks
Saudi Arabia has taken a precautionary measure by shutting down its East-West oil pipeline after multiple attacks on Thursday. The Ministry of Energy announced that the conduit was closed due to the attacks, which caused several injuries and required emergency teams to secure the pipeline and assess its safety.
The East-West pipeline is a critical lifeline for Saudi Arabia's oil exports, with a capacity of 7 million barrels per day. It has been used as an alternative route since the war in Iran disrupted tanker traffic through the Strait of Hormuz.
Oil prices were little changed after the ministry's statement, with Brent futures trading at around $105 a barrel. However, Brent surged to almost $110 on Thursday due to speculation about the impact of the latest violence on energy supplies in the region.