Saudi Arabia closes East-West oil pipeline amid drone attack fears

Saudi Arabia has temporarily shut down the East-West oil pipeline following a drone attack, citing preventive measures. Reuters and AP reported that the incident heightened concerns of Middle Eastern escalation in the Iran conflict. Reuters noted the pipeline, which was attacked by air on September 10, transports 4-5 million barrels daily across 1,200 kilometers, accounting for 4-5% of global oil supply. Iraq and Saudi Arabia stated the attack originated from Iraqi territory, with Iraq's government dismissing a military commander in the affected region. AP reported Brent crude surged over 3%, exceeding $100 per barrel, while President Trump suggested oil prices might not drop until after U.S. midterm elections.