Saudi Oil Supply at Risk After Pipeline Damage and Diplomatic Setback

Regional diplomacy suffered a setback on Monday as Oman postponed a meeting between Iran and Gulf states to secure arrangements for shipping through the Strait of Hormuz.

The postponement came after Saudi Arabia shut down its 1,200-km east-west pipeline damaged in drone strikes on Friday, disrupting a key oil export route.

Traders and Saudi oil buyers told Reuters that Riyadh has enough crude stored at its Red Sea port of Yanbu to maintain exports for only five to seven days if the pipeline remains offline.