Saudi Pipeline Attack Sparks Fears of Global Oil Shortage

Global supplies of Saudi Arabian oil could be severely impacted after a vital pipeline was attacked by drones launched from Iraq. The east-west pipeline, spanning 745 miles across the Arabian Peninsula, has been shut down since Thursday's attack.

The pipeline, which bypasses both the Strait of Hormuz and the Bab el-Mandeb Strait, has been used to reroute around 4 million barrels a day to the port of Yanbu on the Red Sea. Industry sources warn that existing stocks at Yanbu could only support exports for five to seven days if the pipeline remains offline.

The attack comes amidst an ongoing conflict between Iran-backed Houthi forces and Yemen's government, which is backed by Saudi Arabia. The Houthis have claimed responsibility for attacking a military base in Saudi Arabia with drones and missiles on Sunday.