Saudi Arabia's critical pipeline remains shut as oil prices soar

Oil prices have surged following the shutdown of Saudi Arabia's critical East-West pipeline. The closure occurred after a drone attack, which Saudi Arabia attributed to Iranian-backed militias based in Iraq. This disruption creates significant supply risks, as the pipeline serves as a vital route for crude oil to bypass the Strait of Hormuz. The market reacted sharply to the hit on oil flows, highlighting the vulnerability of key energy infrastructure during the ongoing US-Iran conflict.