Saudi Aramco halts October oil supply

Bloomberg reports that Saudi Arabia's Aramco has informed European refineries not to supply them with oil in October due to damage to the East-West pipeline following drone attacks from Iraq in September. The pipeline is a major route for oil transportation in Saudi Arabia, stretching approximately 1,200 kilometers with a capacity of up to 7 million barrels per day, providing an export path that bypasses the Strait of Hormuz. These developments come amid disruptions to navigation in the strait caused by regional tensions, impacting the global oil market, with crude prices exceeding $107 in London. Saudi Arabia is working to restore the pipeline after it was recently halted due to targeted attacks that resulted in injuries.

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