Saudi Pipeline Repair Advances Amid Ongoing Regional Tensions

A major oil pipeline in Saudi Arabia is expected to resume operations within days after being shut down due to a drone attack by Iran-backed militias earlier this month. The pipeline, operated by Saudi Aramco, was severely damaged and is crucial for the country's oil exports.

The attack caused significant damage to the pipeline, which serves as an alternate route to export oil, bypassing the Strait of Hormuz. With the ongoing U.S. war with Iran causing a near-halt to oil traffic through the strait, the closure has affected up to 4% of the global oil supply.

The Saudi energy ministry has not commented on the extent of the damage, but repairs are reportedly underway, and a partial reopening is possible due to the pipeline's two parallel lines. The attack has been attributed to Iran-backed Houthi forces, who have also captured the strategic island of Perim in the Bab al-Mandeb Strait.

The situation remains fluid, with potential for further escalation in the region. As the pipeline resumes operations, Saudi Arabia will need to rely on its stocks to maintain exports, but these stocks are limited and may run out if the pipeline remains offline for an extended period.