Saudi Oil Pipeline Hit in Drone Attack Will Be Out of Service for Weeks

A key Saudi oil pipeline, which transports around 4% of global oil supplies, will be out of service for several weeks after being attacked by drones. According to regional officials, repairing the damage could take three to five weeks.

The pipeline, operated by Aramco, was shut down after an attack on Thursday that Saudi Arabia blamed on Iranian-backed militias in Iraq.

Oil prices rose more than 2% amid growing concerns about global petroleum supplies. The disruption is a significant setback for Saudi Arabia's oil exports, which have already been impacted by the Iran war and the shift away from the Persian Gulf due to Iranian attacks on shipping through the Strait of Hormuz.