Saudi Arabia has rerouted crude oil shipments through the Strait of Hormuz after drone strikes knocked out the Petroline pipeline linking eastern oil fields to the Red Sea port of Yanbu. The pipeline, which was moving 4 to 5 million barrels per day, representing roughly 4 to 5 percent of global oil supply, was shut down on September 10 following attacks on pumping stations in the Riyadh and Medina regions. Repairs are estimated to take three to six weeks, while Yanbu port’s storage capacity can only sustain exports for five to seven days. Brent crude crossed the psychologically significant $100 threshold, reaching $105 to $110 per barrel by September 14. The Strait of Hormuz, through which about a fifth of the world’s petroleum passes daily, is now under increased pressure as tensions between the US, Israel, and Iran escalate.
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