Saudi Oil Pipeline Closure Sparks Global Price Spike

A crucial Saudi oil pipeline that was damaged in an attack will be out of service for weeks as repairs are made, two regional officials said. The East-West Pipeline carries a large majority of Saudi Arabia's oil exports and has been moving between 2.6 million to 4 million barrels per day since late August.

The damage from the attack could take three to five weeks to repair, with one official stating that the pipeline may work partially during this time but couldn't confirm how much oil would get through. The officials spoke on condition of anonymity as they weren't authorized to brief the media.

The disruption has sent oil prices soaring, gaining more than 2% amid growing worries about global petroleum supplies. Brent crude reached $109 per barrel after the news broke, with Rystad Energy stating that this price increase is a 'clear signal that the market is increasingly pricing in a significant loss of supply.'