Saudi pipeline shut by drone strike, oil prices surge above $108
The short version
Saudi Arabia shut its East-West crude pipeline after a drone strike, sending oil prices above $108 per barrel. The closure has led Gulf states to postpone talks on the Strait of Hormuz.
Saudi Arabia shut its East-West crude pipeline after a drone strike damaged the line.12,13,9 The pipeline carries oil from Saudi fields to the Red Sea, bypassing the Strait of Hormuz.10,9 The closure is expected to keep the pipeline out of service for several weeks.11
The shutdown has pushed Brent crude above $108 per barrel, with prices rising to around $109.13,6,2 The pipeline accounts for about 5% of global oil supply.10 The drone attacks are attributed to Iran-backed Houthi forces in Yemen.13,12,9
Gulf states postponed a meeting in Oman to discuss the Strait of Hormuz amid the conflict.15,5,3,1 The postponement was announced by Iran and Oman, citing lack of Arab consensus and Saudi anger.5 US Energy Secretary Chris Wright said the pipeline would be back online "very soon."8
Saudi Crown Prince Mohammed bin Salman requested more U.S. military help after the Houthi offensive.14
Why it matters
The Strait of Hormuz is a narrow waterway between Iran and Oman that handles about 20% of global oil traffic.7
The East-West pipeline is a 1,200 km line that transports crude from Saudi fields to the Red Sea, bypassing the Strait of Hormuz.10,9
The Houthi rebels control most of Yemen's Red Sea coast and have launched drone and missile attacks on Saudi infrastructure.4
This account was written from the 15 reports listed below, filed by 11 independent outlets, and checked against them line by line. It is not a copy of any one of them. Spotted an error? Tell us.
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