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Saudi pipeline attack cuts 5% of world's oil supply
Drone strikes forced Saudi Arabia to shut its East-West pipeline, which carries about 5 per cent of global oil supplies.
Saudi Arabia's East-West pipeline was hit by multiple drone attacks and shut down as a precautionary measure. The pipeline carries about 5 per cent of global oil supplies.
Satellite images show extensive fire damage at one pumping station. No group has claimed responsibility.
Iraqi authorities found drone launchers near the Iran border and closed three crossings with Iran. Oil prices surged past US$100 a barrel for the first time since July amid Middle East tensions.
- 5 per cent
- Global oil supply affected
- US$100 a barrel
- Oil price milestone
- Three crossings with Iran
- Border closings
Why it mattersHigher oil prices flow through to petrol pump costs for Australian drivers and push up inflation across the economy.
