Commodities
Saudi Oil Pipeline Shut Down After Drone Attack
A drone attack on Saudi Arabia's East-West pipeline has caused it to shut down temporarily, threatening to send energy prices higher. The pipeline, which carries 4-5 million barrels of oil per day, is a vital conduit for Saudi Arabia's crude exports.
The US and Iraq have blamed Iran-backed militias in Iraq for the attack, but Tehran denies any involvement. The drone strike has caused some injuries and damage, although the full extent is still being assessed.
The attack comes as tensions between the US and Iran continue to escalate, with oil prices already rising due to the ongoing conflict in the Middle East.