Saudi Arabia to restart East-West pipeline, easing global oil prices
Saudi Arabia is ready to resume operations of its key East-West oil pipeline, a move expected to lower global oil prices. The pipeline had been suspended since early September following a drone attack launched from Iraqi territory. Oil markets reacted with falling prices, with Brent futures dropping over $2 per barrel to their lowest level since September 8. The pipeline allows Riyadh to transport oil bypassing the Strait of Hormuz, which has been blocked by Iran amid regional conflict. The 1,200-kilometer pipeline, built in the 1980s, carries 4-5% of global oil supply. Saudi infrastructure remains vulnerable to attacks from Yemen's Houthi rebels, and the US recently approved selling 48 F-35 fighter jets to Riyadh.