Saudi Pipeline Damage Sends Oil Prices Soaring Above $108

Satellite images revealed extensive damage to Saudi Arabia's East-West pipeline after drone attacks. The pipeline, which carried approximately four million barrels per day, equivalent to around four percent of global oil supply, has been shut down following the attack.

The Guardian reported that satellite images showed a pumping station on the pipeline charred and badly damaged. Industry estimates cited by The Guardian ranged from an earlier partial restart to as long as six weeks for repairs.

Oil stocks at the Red Sea port of Yanbu could sustain exports for only five to seven days unless the pipeline resumed operations, according to three industry sources cited by The Guardian.