Saudi Pipeline Shutdown Hits Global Oil Supplies Amid Houthi Grip

Saudi Arabia has closed its East-West oil pipeline following a drone attack reported from Iraq. The pipeline, which has been the main route for global supplies of Middle East oil over the past six months, was shut down after a drone strike. This comes as the Houthis tighten their grip on Red Sea shipping.

The attack was confirmed by Iraq, which stated that the drones were launched from its territory. The closure of the pipeline will likely have significant implications for global oil supplies and prices.