Saudi Arabia Halts Oil Supplies to Europe Due to Houthi Drone Attacks

Saudi Arabia warned Europe that it would halt oil supplies for a month due to Houthi drone attacks on a pipeline. The East-West pipeline, also known as Petroline, stretches around 1,200 kilometers and crosses the entire Arabian Peninsula, transporting oil from the Abqaiq fields to the port of Yanbu on the Red Sea coast. On the anniversary of the September 11 attacks, a Houthi drone hit a section of the pipeline, suspending supplies via the pipeline. Saudi Arabia is a major producer and exporter of oil, and the closure of the pipeline could have unpredictable consequences for the global oil market and tanker rates.