Saudi Arabia shuts key oil pipeline after drone attack launched from Iraq

Saudi Arabia has closed a crucial oil pipeline following a drone attack from Iraq, as regional tensions escalate. Iraq admitted the attack originated in a province bordering Iran and has launched an investigation, removing the military commander responsible. The 1,200km pipeline allows Saudi Arabia to bypass the Strait of Hormuz, which is crucial for global oil shipping.

The incident comes amid a major offensive by Iran-backed Houthi rebels in Yemen, increasing pressure on oil routes. Riyadh closed the pipeline as a precaution, with satellite images revealing damage and injuries. The pipeline transports 4% to 5% of global oil supply, according to analysts. Saudi Arabia has not retaliated yet, following Iraq's call and Prime Minister's support.

The kingdom reserves the right to take necessary measures to protect its sovereignty and safety. Iraq's prime minister's office confirmed the commander's removal and condemned the attack, calling it a violation of international law. The Gulf Co-operation Council also condemned the attack, emphasizing the threat to Saudi Arabia's security and installations.

Houthi militants have taken control of much of Yemen's coastline, including the Bab al-Mandab Strait, which is crucial for Red Sea and Suez Canal navigation. This has led to crude oil prices surpassing $100 per barrel for the first time since July.