Saudi pipeline hit by Houthi drones will be out of service for weeks, further restricting oil flow

A critical Saudi East-West oil pipeline, damaged by an attack Saudi Arabia attributes to Iranian-backed militias, will be largely out of service for three to five weeks for repairs. This pipeline, which transports 2.6 million to 4 million barrels of oil daily from Gulf ports to the Red Sea port of Yanbu, became essential after Iranian attacks disrupted shipping through the Strait of Hormuz. The shutdown has caused oil prices to rise over 2% due to concerns about global supply.

• Yemen's Houthi rebels have simultaneously seized strategic islands, including Greater and Lesser Hanish, strengthening their control over Red Sea shipping routes and the Bab el-Mandeb Strait, a vital choke point for Saudi oil exports to Asian markets.
• The Houthis also claimed a missile and drone attack on Saudi Arabia's King Khalid Air Base.
• These developments further restrict Saudi Arabia's oil export options, increasing delivery times and costs, and threaten a significant disruption to global crude flows if the pipeline closure is extended.
• The renewed fighting in Yemen has displaced nearly 94,000 people and killed over 500 in the last week, pushing the nation back towards a full-fledged civil war after a period of truce.