Middle East conflict: Pipeline shut down: Saudi oil exports under massive pressure
The pincer closes around Saudi Arabia: In the west, the Houthi militia is threatening an export route, and in the east, Iran is blocking the Strait of Hormuz. An important pipeline is being shut down after attacks.
Saudi Arabia's oil exports are under pressure due to escalating conflict in the Middle East. A crucial pipeline was shut down after a drone attack, which was launched from Iraq, caused damage and injured several people. The pipeline, which can transport up to 7 million barrels of oil per day from the Persian Gulf to the Red Sea, was attacked at pumping stations in the regions of Riyadh and Medina.
The incident may lead to a further increase in oil prices, which could reach $120 per barrel, according to analyst Hamad Hussain of Capital Economics.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
