Saudi Pipeline Halt Sends Oil Prices Soaring Again Amid Middle East Conflict

A drone attack on Saudi Arabia's East-West Pipeline has sent oil prices surging again. The pipeline, which is critical to transporting crude from eastern oil fields to the Red Sea port of Yanbu, was knocked offline by a drone launched from Iraq.

The shutdown has disrupted supply of 4-5 million barrels per day and pushed international oil prices back above $100 per barrel. West Texas Intermediate (WTI) futures were trading around $102 per barrel on the 14th, up roughly 20% in a single month.

The South Korean government convened an emergency meeting with executives from the country's four major refiners to assess crude supply conditions and review plans to expand freight cost differential support for non-Middle Eastern crude imports. The ministry secured crude import volumes at over 90% of last year's levels for September and October, limiting the immediate impact on domestic crude supply.