Iran Push To Control World Oil Indicated By Pipeline Attack
Summary
A drone attack damaged a major Saudi oil pipeline, believed to be carried out by Iran-backed groups. The attack aimed to control regional oil exports and increase pressure on global oil markets amid ongoing tensions between Iran and the U.S.Key Facts
- The drone strike hit the 745-mile East-West pipeline in Saudi Arabia, which was temporarily closed as a precaution.
- The pipeline is important because it moves 5% of the world's oil and allows Saudi oil to avoid the blocked Strait of Hormuz.
- Investigations found that the attack began in Iraq, where Iranian-backed militias helped launch drones and explosives.
- The Houthis, a rebel group in Yemen supported by Iran, collaborated with Iraqi militias to attack Saudi Arabia.
- President Donald Trump said Iran was probably responsible for the pipeline attack and expects the situation to stabilize.
- Brent crude oil prices rose to $105 per barrel due to the attack and fears of disruptions to Middle East oil supplies.
- Saudi crude oil exports fell from five million barrels per day in July to three million in August after the attack.
- Experts suggest pipeline repairs are usually quick, and hitting pumping stations would cause longer disruptions.
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