First Thing: Oil prices surge as attacks on Saudi Arabia stoke supply fears
Summary
Oil prices rose above $108 per barrel after drone attacks from Iraq forced Saudi Arabia to close a key oil pipeline. The attacks, linked to Iran-aligned groups, have raised fears about oil supply in the Middle East, while Saudi Arabia’s oil export stocks may run out soon if the pipeline does not reopen.Key Facts
- Drone attacks from Iraqi territory targeted Saudi Arabia’s east-west oil pipeline.
- Saudi Arabia closed the pipeline to protect oil supplies, which reroute about 4 million barrels daily.
- Saudi Arabia’s export oil stocks at the Red Sea port will last only five to seven days without the pipeline.
- The Iran-aligned Houthi forces in Yemen also attacked Saudi Arabia and took control of a strategic island at the Bab al-Mandab strait.
- Iraq’s government confirmed the pipeline attack came from its land and launched an investigation.
- U.S. President Donald Trump said he believes Iran is responsible for the attacks.
- The supply disruption is part of broader tensions involving the US, Israel, Iran, and regional groups impacting Middle East energy exports.
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