Saudi Pipeline Closure Sends Global Oil Prices Soaring

Global oil prices have climbed to their highest level since May after Saudi Arabia shut down its key East-West pipeline, exacerbating an already dire shortfall of oil worldwide.

The closure will put upward pressure on U.S. gasoline prices, which are currently averaging $4.31 per gallon, a jump of about $1.30 above pre-war levels.

Ramanan Krishnamoorti, a professor of petroleum engineering at the University of Houston, told ABC News that the price of gasoline may rise as much as 25-50 cents over the coming weeks due to the pipeline closure.

However, Tom Seng, a professor of energy finance at Texas Christian University, cautioned that the disruption has already been factored into gasoline prices, and an additional supply shock would be necessary to substantially increase prices at the pump.