Commodities
Saudi Pipeline Expected Back Online within Days After Iranian Attacks
US Energy Secretary Chris Wright told CNBC that Saudi Arabia's East-West Pipeline should be operational within days after it was temporarily shut down due to attacks by Iran-aligned groups.
The pipeline, which spans 1,200 kilometers across the Arabian Peninsula, had been moving 4-5 million barrels of oil per day, accounting for 4-5% of global supply. This has spared Saudi Arabia from the brunt of the disruption that affected other Gulf oil and gas exporters.
The pipeline's closure was a significant concern due to its role in transporting Middle Eastern oil supplies through the Strait of Hormuz. However, Wright stated that Saudi Arabia is taking steps to move more oil out of the strait with assistance from the US military.