Saudi pipeline halts, risking 4% of oil supply

The main Saudi oil pipeline leading to the Red Sea has been halted due to drone attacks, threatening the loss of approximately 4% of global oil supplies. This stoppage could deplete Saudi's export-ready oil reserves within days, with repairs expected to take between five and six weeks. This shutdown exacerbates the ongoing global supply shortage crisis, which has driven fuel prices to record highs and contributed to a worldwide rise in inflation, especially after reduced flows through the Strait of Hormuz in recent months.

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