Saudi Oil Pipeline Attack Threatens Up to 4% of Global Oil Supply

Saudi Arabia's main east-west oil pipeline was shut down following a drone attack, raising concerns that up to 4% of global oil supply could be affected. According to AP, Saudi authorities reported the attack originated from a militia in Iraq backed by Iran, leading to the closure of the pipeline. Local officials cited estimates from Rystad Energy that repairs to damaged sections and key pumping facilities may take three to five weeks. Rystad also noted the pipeline's average daily throughput since late August has ranged between 2.6 million and 4 million barrels, with a daily volume of 4 million barrels representing approximately 4% of global oil supply.