Saudi Pipeline Attack Threatens Four Percent of Global Oil Supplies

A recent drone attack on Saudi Arabia's East-West Pipeline may lead to a four percent cut in global oil supplies, according to a report by Reuters.

The damage is expected to take around five to six weeks to repair, which would significantly impact the world's oil market. The international benchmark for Brent crude was trading at nearly $108 per barrel on Monday, up three percent from previous prices.

Last week saw a surge in oil prices due to a lightning Houthi offensive that put the group in control of Yemen's side of the Bab el-Mandeb, a key Red Sea chokepoint for Saudi Arabian oil shipments. This has led to concerns about the security and stability of global oil supplies.