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Saudi Arabia shuts oil pipeline bypassing Strait of Hormuz after drone attacks
Saudi Arabia suspended operations at its East-West oil pipeline following a series of attacks on September 11. The 7 million-barrel-a-day route has become a key alternative to the Strait of Hormuz amid the war with Iran.
The country's energy ministry said the pipeline was shut as a precautionary measure. Several people were injured in the attacks, while emergency teams began assessing the safety of the infrastructure.
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According to Saudi Arabia's Foreign Ministry, several drones launched from Iraq targeted the pipeline in the Riyadh and Medina regions.
Attack hits key oil export route
East-West transports oil from the Persian Gulf to the Red Sea, where it can be loaded onto tankers and shipped without passing through the Strait of Hormuz. After shipping through the strait dropped sharply because of the war with Iran, the pipeline quickly reached its full capacity.
However, the alternative route has also come under pressure. Iran-backed Houthis have attacked Saudi energy infrastructure and vessels in the Red Sea in recent weeks, while their forces have advanced along Yemen's coast toward the Bab al-Mandeb Strait.
Saudi Arabia's oil exports fell to around 3 million barrels a day in August, the lowest level since available records began in 2017. At the same time, oil product shipments through the Strait of Hormuz dropped to around 1 million barrels a day from roughly 4 million before the war.
Eurasia Group analyst Gregory Brew said the attacks demonstrated that Iran and its allies have both the capability and the willingness to strike regional energy infrastructure.
Brent traded at around $105 a barrel following the Saudi announcement. A day earlier, prices had approached $110 amid concerns about further disruptions to Middle Eastern supplies.
U.S. considers expanding oil refining capacity
Supply disruptions are already affecting fuel prices. The average U.S. retail gasoline price remains above $4 a gallon, while diesel has climbed to around a record $6 a gallon.
Against this backdrop, the White House is considering using the Defense Production Act to expand U.S. oil refining capacity. The discussions come as U.S. crude inventories decline and much of the emergency reserves previously released by governments have already reached the market.
The Donald Trump administration is seeking to contain rising fuel prices ahead of the November midterm elections. The ongoing conflict with Iran, however, continues to pose risks of further disruptions to global energy supplies.
Earlier, U.S. inflation data increased expectations of further monetary policy tightening by the Federal Reserve. The probability of a rate hike increased, while expectations among Wall Street participants stabilized.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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