Commodities
Saudi Oil Pipeline Strike Sparks Global Supply Concerns
A recent strike on Saudi Arabia's East-West Pipeline has caused significant damage and reduced oil supplies by up to 3.6 million barrels per day, or about 3.6% of global demand.
The pipeline, which has been increasingly relied upon to export crude oil via the Red Sea, was targeted last week in a strike attributed to Iranian-backed militias in Iraq.
Satellite imagery shows that the most severe damage is at a pumping station along the East-West Pipeline, and experts estimate it could take four to six weeks to repair due to spare-parts availability and impaired supply chains.