Konflikt im Nahen Osten: Pipeline stillgelegt: Saudische Ölexporte massiv unter Druck

Ongoing conflict in the Middle East is putting immense pressure on Saudi Arabia's largest oil exporter. Following Iran's blockade of the Hormuz Strait and the threat from Houthi militia in Yemen's Bab al-Mandab, the kingdom has had to shut down a critical pipeline. An additional reduction in Saudi exports could lead to further increases in oil and gasoline prices, including in Germany.

The East-West pipeline, bypassing the Hormuz Strait, can transport large volumes of oil from the Persian Gulf to the Red Sea. It was temporarily shut down after attacks on the line in Riyadh and Medina regions in the early hours of the night. The Saudi Foreign Ministry reported damages and injuries from a drone attack launched from Iraq, but without identifying the perpetrator.

Iran-supported militias operate in Iraq, and the Saudi Foreign Ministry stated that they would allow Iraqi authorities to take measures against the attackers for now. The central pipeline with high capacity is a particularly vulnerable point for Saudi Arabia, as it can pump up to seven million barrels of oil per day (159 liters per barrel) from the Gulf region to the Red Sea for shipping.

Since the start of the Iran war in late February and the subsequent blockade of the Hormuz Strait, Saudi Arabia has been trying to prevent further reductions in oil exports using the pipeline. US media like CNN and the Wall Street Journal reported that pump stations of the pipeline were likely hit in the attacks, based on satellite images showing fires.

The extent of the damage and when it could be repaired remained unclear initially. The pipeline infrastructure was also attacked in April, requiring a temporary reduction in capacity. Saudi Arabia was the second-largest oil producer among the USA before the war and the world's leading exporter of crude oil, which is central to the global economy.

Meanwhile, the Houthi rebels, allied with Iran, have increasingly threatened the Bab al-Mandab route to the Red Sea. They took control of the entire Red Sea coast and strategically important islands in Yemen, giving them significant access to the Bab al-Mandab. They assured the safety of shipping, but not for Saudi ships. The Bab al-Mandab connects the Red Sea to the Gulf of Aden, part of the world's busiest shipping lanes from the Mediterranean through the Suez Canal to the Indian Ocean, representing the shortest sea route between Europe and Asia.

The Houthi militia has previously attacked ships in the area. Oil prices could rise to around $120 per barrel, said analyst Hamad Hussain of Capital Economics to the Wall Street Journal, depending on the extent of the pipeline damages. The damage also depends on the scale of the attacks. Some analysts believe that a longer-lasting conflict could lead to even higher oil prices.

However, it is still well below the annual high of around $126, reached at the end of April. The crude oil price recently surged to nearly $110 per barrel for the November delivery of the Brent reference grade from the North Sea. Before the Iran war, the oil price in February was around $70 per barrel. At that time, about one-fifth of global oil and liquefied natural gas exports passed through the Hormuz Strait.