Two regional officials told The Associated Press that repairs could take three to five weeks.
- Saudi Arabia has closed its critical East-West oil pipeline following an attack attributed to Iranian-backed militias, raising concerns of severe global energy shortages.
- The pipeline's closure, which could take weeks to repair, removes a significant volume of oil from the market, exacerbating existing supply issues caused by the war with Iran and Houthi rebel activity in the Red Sea.
- The disruption is already contributing to soaring oil prices, with significant increases in fuel costs impacting consumers globally, particularly in Asia and Africa, and threatening further inflationary pressures.
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Tags: #eastwestpipeline #oilprices #iran #saudiarabia #hormuz #energymarkets #supplyshocks #brentcrude #houthirebels #globaloilsupply
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