Saudi Pipeline Repair Predicted as Global Oil Supply Hangs in Balance

US Energy Secretary Chris Wright has stated that Saudi Arabia's East-West Pipeline should be operational within days following recent attacks by Iran-aligned groups.

The pipeline, which runs across the Arabian Peninsula, had been a crucial route for global supplies of Middle Eastern oil, moving 4 million to 5 million barrels per day, accounting for 4% to 5% of global supply.

Saudi Arabia is working to move more oil out of the Strait of Hormuz with assistance from the US military, according to Wright.