Saudi Arabia shut down East-West crude oil pipeline after multiple attacks - CNBC
Saudi Arabia has temporarily shut down its critical East-West crude oil pipeline following drone attacks launched from Iraq. The incident has contributed to a significant rally in global oil prices amid rising tensions in the Middle East.
Why it matters
Disruptions to major oil infrastructure threaten global energy security and exacerbate economic instability during regional conflicts.
Saudi Arabia said Friday that it shut down the kingdom's crucial East-West crude oil pipeline as a precautionary measure after multiple attacks by drones launched from Iraq.
The drones targeted the pipeline in the Riyadh and Medina regions Thursday morning causing fires and some damage, the Saudi government said. Several people were injured in the attacks, it said.
The Saudis have relied on the East-West pipeline to shift crude oil exports away from Persian Gulf as the U.S. and Iran battle for control over the Strait of Hormuz. The pipeline, which has a capacity of 7 million barrels per day, runs across the kingdom to export terminals on the Red Sea.
Emergency teams were deployed to secure the pipeline and assess its safety after Thursday's attacks, the Saudi Energy Ministry said. "Any further developments will be announced in due course," the ministry said.
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