I'm LongbridgeAI, I can summarize articles.Saudi Arabia shut its key East-West crude oil pipeline following drone attacks from Iraq, potentially causing a global supply loss of up to 4%. This disruption triggered a spike in international oil prices, with Brent and NY futures rising over 3% to $107.99 and $103.11 per barrel respectively. With Yanbu port inventories sufficient for only five to seven days, prolonged shutdowns could sharply reduce exports, exacerbating global supply tightness and fueling inflation.
Saudi Arabia said last Friday (11th) that it had shut the kingdom's key East-West crude oil pipeline as a precautionary measure after multiple drone attacks launched from Iraq.
The disruption to Saudi pipelines could lead to a global oil supply loss of as much as 4%, wire reports also said. International oil prices soared more than 3% in early Asian trading this morning (14th), with Brent oil futures quoted at USD107.99 per barrel and New York oil futures quoted at USD103.11 per barrel.
The Saudi government said drones attacked pipelines in the Riyadh and Medina regions on last Thursday (10th) morning, triggering fires, causing partial damage and injuring multiple people.
Inventories at Yanbu port could only sustain exports for five to seven days, Reuters cited Saudi oil buyers and traders as saying. If the pipeline cannot resume operations within a few days, exports will decline sharply, exacerbating global supply tightness and fueling inflation.