Saudi Pipeline Hit, Threatening Global Oil Supplies

Saudi Arabia's key East-West pipeline has been hit, causing a significant threat to Riyadh's oil exports. The pipeline transports about 4% of global oil supplies and was shut down last Friday after sustaining multiple hits.

Riyadh now expects to resume partial pumping in a matter of days, according to a report. Saudi Aramco is working to bypass the damaged region soon, with plans to return to full capacity in about six weeks.

This development marks another major challenge for Riyadh's oil exports. Iran has been preventing most ships from transiting through the Strait of Hormuz, while the Houthis have declared an embargo on Saudi oil in the Red Sea, targeting its ships in the waterway and striking energy infrastructure.