Attack on Saudi Arabian pipeline may cut four percent of world's oil supply

Saudi Arabia may need five to six weeks to repair damage from a drone attack on its East-West Pipeline, taking nearly four percent of global oil supplies off the market, according to a report by Reuters. Brent, the international benchmark, was trading up three percent on Monday at nearly $108 per barrel. Oil already soared last week as a result of a lightning Houthi offensive that put the group in control of Yemen’s side of the Bab el-Mandeb, a key Red Sea chokepoint for Saudi Arabian oil shipments. The rising price of Brent does not necessarily reflect the even higher prices that customers are paying for oil, and especially refined products like diesel. Read more: Attack on Saudi Arabian pipeline may cut four percent of world's oil supply This photograph, taken on January 12, 2024, shows an oil refinery in the desert between Shubaytah and Shubaytah, of the Dakar rally 2024, in Saudi Arabia, on 12 January 2024 (PATRICK HERTZOG / AFP)