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Saudi Arabia shut down East-West crude oil pipeline after multiple attacks
CNBC • • world
Key Points:
- Saudi Arabia closed its East-West crude oil pipeline as a precaution after multiple attacks in the Riyadh and Madinah regions injured several people, according to the Energy Ministry.
- The pipeline, vital for shifting crude exports away from the Persian Gulf, has a capacity of 7 million barrels per day and runs to Red Sea export terminals.
- Emergency teams were deployed to secure and assess the pipeline's safety, but authorities have not disclosed the extent of damage or the attackers' identities; Iran-allied militants have recently intensified strikes on Saudi targets.
- Houthi militants from Yemen have previously launched attacks on Saudi energy facilities and declared a maritime embargo, aiming to disrupt oil exports via the Bab el-Mandeb Strait.
- The pipeline's closure contributed to a surge in oil prices, which rose above $100 per barrel for the first time in months, closing the week over 8% higher amid escalating Middle East conflicts.
