Saudi Oil Supplies Halted Amid Pipeline Attack

Saudi Arabia has suspended some of its oil supplies to Europe after an attack on a key oil pipeline. The pipeline, which can transport up to 4% of global oil supplies, was hit by drones. It is currently unknown how seriously the infrastructure was damaged and how long repairs will take.

The price of oil has already exceeded $100 per barrel due to escalating tensions in the Middle East. Oil prices rose by more than 2% after new strikes on Saudi Arabia.

Qatar warned that the consequences of the disruption could be catastrophic, affecting not just Europe but the entire world. Economists predict that disruptions to oil supplies and shipping could further increase transportation costs and put pressure on global supply chains.