Saudi Pipeline Shutdown Sparks Global Oil Fears Amid Middle East Tensions
Saudi Arabia's East-West pipeline has been temporarily shut down after a drone attack that threatened to disrupt global oil supplies. The 1,200-km-long pipeline carries around 4-5 million barrels of crude oil per day, making up about 4-5% of the world's supply.
The attack originated in Iraq, where Iranian-backed militias operate, and has been blamed by U.S. President Donald Trump on Iran. The Saudi Foreign Ministry confirmed that a projectile fired from Iraq damaged the pipeline, but did not provide details on the impact on exports.
Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, asked for U.S. military help in fighting the Houthis, who have seized the strategic island of Perim in the Bab el-Mandeb Strait. However, Trump said that Washington would not intervene directly, but would provide intelligence support.