Saudi Oil Pipeline Nears Restart After Drone Attack
A major oil pipeline in Saudi Arabia, which was damaged in a recent drone attack by Iran-backed militias, is expected to resume operations within days. The pipeline, operated by Saudi Aramco, serves as an alternate route to export oil and bypasses the Strait of Hormuz.
The attack caused significant damage to the pipeline, including extensive damage to a pumping station on the 1,200km pipeline that runs from the Abqaiq oilfield to the Yanbu port on the Red Sea. However, thanks to the pipeline's two parallel lines, a partial reopening is possible soon.
The closure of the pipeline has affected up to 4% of the global oil supply, leading to a surge in oil prices and global inflation. Brent crude reached over $109 per barrel as tensions in the region continue to escalate.