Commodities
Saudi Pipeline Hit by Drone Attack Amid Houthi Offensive
A drone attack from Iraqi territory has temporarily halted operations of the 'East-West' pipeline in Saudi Arabia, which carries between 4% and 5% of the world's oil volume. The incident occurred amid a large-scale offensive by Iranian-backed Yemeni Houthis along the Red Sea coast.
The Houthis are seeking to gain control of the Bab al-Mandab Strait, another key route for oil transportation from the Middle East. Iraqi authorities confirmed that the drones were launched from Maysan province, which borders Iran.
Saudi authorities called the suspension of pipeline operations a precautionary measure, but satellite images showed traces of fire near a pumping station and thick smoke in the area of another station.