Saudi Pipeline Shutdown Sparks Global Oil Price Surge Amid Middle East Conflict
Britain is bracing for a fuel price surge after Saudi Arabia shut down its East-West pipeline due to an aerial attack. The pipeline, which spans 745 miles across the country, was hit from above, causing massive smokestacks visible from space.
The attack has sent global oil prices soaring above $100 per barrel, with Brent crude now trading at a level not seen since before the conflict between the US and Iran began in February. Unleaded petrol prices have already risen by 5p a litre in the UK over the past week, according to the RAC.
The disruption to oil supplies is severe, with Saudi crude supply falling to its lowest level in over three decades. The pipeline's shutdown has added to the chaos caused by the war between the US and Iran, which has severely impacted tanker traffic through the Strait of Hormuz.
The Houthis, backed by Iran, are now a major force to be reckoned with, threatening to shut off the Red Sea if they seize control. This would have significant implications for global shipping, as ships would need to sail around Africa to reach Europe and Asia.