Saudi Pipeline Attack Hits Indian Oil Supplies

Saudi Aramco has stopped supplying crude oil to Indian refiners following attacks on its East-West pipeline. The pipeline was shut down after drones targeted it, disrupting Saudi Arabia's main alternative route for transporting crude.

Oil prices have surged since the pipeline was closed, with Brent futures trading at around $108 a barrel earlier this week. This has increased concerns about higher oil prices and freight costs for Indian refiners.

Indian refiners are not expected to face major difficulties in sourcing alternative crude, but they will likely pay more for it. The cost implications of replacing Saudi crude with other suppliers could be significant, as tanker rates are already at record levels and global inventories are low.