Saudi Pipeline Outage Puts Four Percent of Global Oil Supply at Risk

A Saudi oil pipeline outage has put about four percent of global oil supply at risk if pumping is not restored within days, according to traders cited by Reuters.

The disruption comes as global oil supplies face additional pressure from the ongoing US war on Iran and the closure of the Strait of Hormuz.

Saudi Arabia shut its East-West oil pipeline on Friday following a drone attack launched from Iraqi territory. The pipeline is a major route for transporting Saudi crude to ports on the Red Sea, allowing exports to bypass the Strait of Hormuz.