Saudi Oil Pipeline Shut Down for Weeks After Drone Attack
A crucial Saudi oil pipeline will be out of service for weeks following a drone attack, exacerbating concerns about global petroleum supplies. The pipeline, damaged in an attack, is expected to remain mostly offline as repairs are made. This development comes amid growing worries about Saudi Arabia's ability to export crude oil, with the kingdom being the world's largest exporter.
The Houthi rebels, a group from Yemen, have been responsible for several recent attacks on Saudi infrastructure, including this latest pipeline strike. The Iran war has also forced Saudi Arabia to shift its exports away from the Persian Gulf, where shipping has been hindered by Iranian attacks through the Strait of Hormuz.
Oil prices surged over 2% in response to these developments, reflecting growing concerns about global petroleum supplies. Two regional officials confirmed that the pipeline will be out of service for weeks as repairs are made, further squeezing Saudi Arabia's ability to export crude oil.