Saudi Pipeline Shutdown Sends Oil Prices Soaring Amid Global Supply Concerns

Saudi Arabia's decision to shut its key East-West oil pipeline has led to a jump in oil prices. The move comes after a series of attacks by Iran-aligned armed groups, including Houthi militants in Yemen who struck energy facilities and civilian sites last week.

The shutdown is expected to reduce the kingdom's crude oil exports by about 5.7 million barrels per day, according to reports. This has raised concerns about global supply and has led to an increase in oil prices.

In response to the situation, South Korea has announced that it will use policy measures such as crude oil swaps with private companies if supply pressures intensify. Vice Industry Minister Moon Shin-hak stated that the government will communicate closely with oil refiners and maritime shippers while monitoring supply conditions to prevent any inconvenience to the public.