Oil prices climb over 2% after strikes on Saudi pipeline and ships in Middle East
Saudi Arabia's vital 1,200-kilometre East-West oil pipeline is anticipated to be out of commission for several weeks following an attack, exacerbating the kingdom's challenges in transporting crude to Red Sea ports. The pipeline, capable of handling up to 7 million barrels of oil daily, was shut down on Thursday after Iran-backed Houthis seized the strategic islands of Greater Hanish and Lesser Hanish, located about 32km from a U.S. military base in Djibouti.
Repairs could span three to five weeks, including work at a major pumping facility. The Houthis have also captured Mocha and Mayun, two Red Sea ports crucial for global shipping. Iran's Foreign Ministry denied directing the Houthis, describing them as independent actors. The escalating conflict has also displaced 86,000 people, according to the International Organisation for Migration.
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- Saudi oil pipeline crippled for weeks as Houthis seize more Red Sea islands gulfnews.com
- Saudi East-West oil pipeline may take up to five weeks to repair, officials say middleeasteye.net
- Oil tops $109 after Houthi strikes, Saudi pipeline shutdown al-monitor.com
- Key Saudi oil pipeline out of action theage.com.au
- Key Saudi oil pipeline out of action smh.com.au
- Oil prices climb over 2% after strikes on Saudi pipeline and ships in Middle East channelnewsasia.com
