Saudi Pipeline Attack Sends Oil Prices Soaring

A crucial oil pipeline in Saudi Arabia was severely damaged in an attack last week and will be out of service for weeks while repairs are made.

The East-West Pipeline, which runs across the country, is a vital route for transporting crude oil from Gulf ports to Red Sea ports, where it can be loaded onto tankers for export. The pipeline's capacity is up to 7 million barrels per day.

The damage was caused by drones launched by Iranian-backed militias in Iraq, according to Saudi officials. Repairing the damage will take between three to five weeks, with a major pumping facility affected.