Saudi Pipeline Closure Threatens Global Oil Flows

Saudi Arabia's East-West pipeline, which carries oil from the Persian Gulf to the Red Sea, has been closed due to a recent drone attack blamed on Iranian-backed militias in Iraq. The closure is expected to take three to five weeks to repair.

The pipeline, built in the 1980s, was crucial for keeping at least some oil flowing out of the Middle East during the Iran-Iraq war. It currently carries an average of 2.6 million to 4 million barrels of oil per day, which is about 4% of the global oil supply.

The closure comes as global energy markets are already facing shortages due to the war with Iran. Brent crude prices have risen above $105 a barrel, and experts warn that more supply shocks and higher prices could follow.