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Politico reports Saudi pipeline hit by drones will be out of service for weeks, further restricting oil flow
A crucial Saudi oil pipeline that was struck in an attack will be mostly out of service for weeks as the damage is repaired, two regional officials said Monday, as Yemen's Houthi rebels seized more islands along Red Sea shipping routes in a new blow to Saudi Arabia's oil exports.
Oil prices gained more than 2% amid growing worries about global petroleum supplies and the effect of the new developments on the ability of the world's biggest exporter to get its crude to market. The Iran war has forced the kingdom to shift its exports away from the Persian Gulf, since Iranian attacks have stifled shipping through the gulf's sole exit, the Strait of Hormuz.