Impact of Saudi Arabia's pipeline shutdown on global oil

The global oil market is facing significant threats due to attacks on the East-West pipeline in Saudi Arabia, one of the main routes for transporting Saudi oil, which is estimated to supply around 6 million barrels per day. The Iran-backed Houthis seized the city of Mokha in Yemen and closed major maritime passages, leading to a rise in oil prices by more than 3% and diesel prices reaching their highest levels in years. There are fears that a shutdown of the pipeline for weeks could deplete stocks within 4 to 7 days, with warnings that ongoing damage could lead to a widespread oil crisis. The prospects of repairing the pipeline and its potential impact on the market remain among the primary concerns amid the escalating military tensions in the region.

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