Saudi Oil Pipeline Out of Service for Weeks, Further Restricting Exports

Saudi Arabia's crucial East-West Pipeline, which carries oil from the Gulf to the Red Sea, will be out of service for weeks due to damage from a drone attack. The pipeline has been moving 2.6-4 million barrels per day since late August, and its shutdown will impact global petroleum supplies. Oil prices have risen over 2% amid concerns about Saudi Arabia's ability to export crude, particularly as Yemen's Houthi rebels seize more islands along Red Sea shipping routes. Repairing the damage could take three to five weeks.