Saudi Pipeline Reboot Expected Within Days Amid Global Supply Concerns

US Energy Secretary Chris Wright announced on Tuesday that Saudi Arabia's East-West oil pipeline is expected to be back in service within days. The 1,200-kilometer pipeline was shut down last week after an attack damaged the system. It had been carrying around 4% to 5% of global oil supply to the Red Sea port of Yanbu.

The pipeline's shutdown has already led to delays and cancellations in Saudi crude shipments to European refiners, with some buyers seeking alternative supplies from North Sea crude and US WTI Midland. Polish refiner Orlen has been impacted by the disruption.

Saudi Arabia is also trying to move more crude through the Strait of Hormuz with US military assistance. A restart within days would be a significant development in efforts to mitigate the impact of ongoing supply disruptions.