Saudi Pipeline Back Online as Tensions with Iran Reach Boiling Point

Saudi Arabia has resumed operations at its key East-West pipeline after taking multiple hits, according to reports. The pipeline transports about 4% of global oil supplies and was previously expected to return to full capacity in six weeks.

The news comes as tensions between Saudi Arabia and Iran continue to escalate. Iran has reportedly said it can reopen the Strait of Hormuz in seven days if a deal is reached with the US to ease military pressure and lift the blockade of its ports.

Treasury Secretary Scott Bessent threatened to 'shut down' Iranian airlines and sanction countries receiving the planes, saying that those who provide landing services or sell tickets would be knocked out of the dollar system. The Iranian military has also warned of 'painful retaliation' across the region if a new strike is carried out by the US.