6 Hrs
Source:
عربية – DW
Saudi Arabia and the key oil routes
Saudi Arabia is experiencing a state of emergency in the oil sector following a drone attack targeting a major pipeline that passes through Iraqi territory and connects to the Kingdom. The pipeline was damaged and has been temporarily shut down as a precaution. The "East-West" pipeline is considered one of Saudi Arabia's most crucial routes for exporting oil via the Red Sea, especially amid rising threats at the Strait of Hormuz and the Houthi threats to the Bab el-Mandeb Strait. Experts anticipate that this incident could lead to an increase in global oil prices, with some estimates suggesting the price per barrel could reach around $120. The United States has blamed Iran for the attack, while concerns are growing over escalating tensions that could impact global oil supplies, with security deteriorating on key export routes and the Houthis threatening vital passages in the Red Sea.
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