Saudi Pipeline Damage Sends Global Oil Prices Soaring

A crucial Saudi oil pipeline was severely damaged in an attack and will be mostly out of service for several weeks as repairs are made, according to two regional officials. This is a significant blow to Saudi Arabia's oil exports, which have already been impacted by the Iran war and subsequent closure of the Strait of Hormuz.

The damage to the pipeline has caused oil prices to surge over 2% amid growing concerns about global petroleum supplies. The Yemeni Houthi rebels' recent seizure of islands along Red Sea shipping routes has further complicated Saudi Arabia's ability to transport its crude oil to market.