Commodities
Saudi Oil Pipeline Halted for Weeks as Global Energy Tensions Rise
A crucial Saudi Arabian oil pipeline has been severely damaged in drone attacks and will be out of operation for weeks, according to Saudi officials.
The East-West Pipeline, which spans 745 miles, normally carries around 4 million barrels of oil per day, about 4% of global oil output.
Saudi officials attribute the attack to drones launched by Iran-backed forces in Iraq. The incident has sent oil prices rising globally by 2% on Monday morning.