Saudi Oil Pipeline Shut Down Amid Drone Attack, Prices Rise

A crucial Saudi oil pipeline will be shut down for weeks after a drone attack, according to two regional officials. The damage from the attack will require significant repairs, which is expected to take several weeks.

The pipeline was struck in an attack by Yemen's Houthi rebels, who have also seized more islands along Red Sea shipping routes. This development has squeezed Saudi Arabia's ability to export oil, forcing it to shift its exports away from the Persian Gulf due to Iranian attacks on shipping through the Strait of Hormuz.

Oil prices have gained over 2% amid growing worries about global petroleum supplies. The loss of this pipeline is a significant blow to Saudi Arabia, which is the world's largest oil exporter.