4% of global oil supply at risk as Saudi shuts major pipeline amid Houthis' attacks. What it means for India
Houthis’ Red Sea gains could disrupt Saudi oil exports, threatening global supply and pushing crude prices higher again.
The ongoing conflict in Yemen has escalated as Iran-backed Houthis have gained control of strategic areas, including a major Red Sea port and islands, disrupting global oil supply chains. Saudi Arabia, the world's largest oil exporter, has shut down its East-West pipeline following attacks from the Houthi rebels. This development, coupled with the group's warning that maritime navigation is safe for all companies except for Saudi vessels, raises concerns about a potential disruption to Saudi Arabia's oil exports.
The loss of 4% of global oil supply could lead to higher energy prices, exacerbating inflation and putting pressure on India's rupee. As India heavily relies on Saudi Arabia for its crude oil imports, any disruption in the shipping route could adversely impact the country's economy.
Written by urgent.news from Hindustan Times - World News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Fighting in Yemen intensifies, and Houthis launch more attacks on Saudi Arabia hindustantimes.com
- Saudi Arabian pipeline outage threatens global oil supply middleeasteye.net
- Saudi pipeline outage threatens 4% of global oil supply dailytimes.com.pk
