Saudi Arabia halts some oil supplies to Europe after a strike on a key oil pipeline
Kyiv • UNN
A drone strike halted Saudi Arabia’s oil pipeline to the Red Sea. Oil prices exceeded $100 per barrel.
Saudi Arabia announced the suspension of part of its oil supplies to Europe after an attack on the oil pipeline used to divert crude to the Red Sea, bypassing the Strait of Hormuz blocked by Iran. Against the backdrop of escalating tensions in the Middle East, the price of oil has already exceeded $100 per barrel, LRT reports, writes UNN.
Details
The oil pipeline, capable of transporting a volume equivalent to up to 4% of global oil supplies, suspended operations after a drone strike. It is currently unknown how seriously the infrastructure was damaged and how long repairs will take.
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The situation is being complicated by Houthi attacks in the area of the Red Sea and the Bab el-Mandeb Strait—one of the key routes between Asia and Europe. If the situation deteriorates, ships will have to use longer routes, increasing transportation times and costs.
Qatar warned of consequences for the entire world
Economists warn that disruptions to oil supplies and shipping could further increase transportation costs and intensify pressure on global supply chains.
The whole world will suffer, the consequences will be catastrophic, and we are already seeing this
At the same time, the United States says that oil supply volumes from the Persian Gulf have approached pre-war levels—about 18 million barrels per day. U.S. Vice President J.D. Vance said that Washington maintains contacts with Saudi Arabia, the UAE and the Houthis and considers the situation under control.