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Commodities

Saudi Oil Pipeline Shut Down After Iraqi Drone Attack Sparks Global Price Surge

Guavy AI Editorial Team
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Oil
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A key oil pipeline in Saudi Arabia has been shut down after it was attacked by drones launched from Iraq, exacerbating an already tense situation in the Middle East.

The East-West pipeline, which carries around 5 percent of global oil, has been closed as a 'triple blockade' chokes fuel supplies to the region.

The Saudi Ministry of Energy described the closure as a 'precautionary measure,' but the attack is seen as part of a larger conflict between Iran and its regional adversaries.

Global oil prices have skyrocketed, surpassing $100 a barrel again this week, giving Tehran more leverage in talks.

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