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Saudi Arabia shuts East-West crude pipeline after attacks

financeSep 11, 202633710

Saudi Arabia temporarily shut its East-West crude oil pipeline after multiple attacks in the Riyadh and Madinah regions, the kingdom's Energy Ministry said. The ministry said several people were injured, emergency teams were deployed to secure and assess the pipeline, and any further developments would be announced in due course. The cross-country pipeline can carry about 7 million barrels per day and is used to move crude from eastern fields to Red Sea export terminals to bypass the Strait of Hormuz. The Saudis did not identify the attackers, though Iran-allied Houthi militants have escalated strikes on Saudi targets this week and earlier Houthi strikes injured more than 70 people. Saudi Aramco CEO Amin Nasser has said the East-West route has helped mitigate supply disruption from the Iran war, and Saudi reports to OPEC show the kingdom's crude production fell to its lowest level since 1990. Oil prices rose above $100 per barrel this week and closed more than 8% higher, and CNBC said the pipeline attack may have contributed to that rally as rumors circulated.

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