Saudi Arabia has temporarily closed the East-West pipeline following drone attacks from Iraq, putting 4 million barrels per day at risk and driving crude prices sharply higher. Brent crude rose to $107.82 per barrel while U.S. WTI crude reached $103.58. Global oil inventories have dropped by approximately 1 billion barrels, significantly reducing the market’s buffer capacity to absorb supply shocks. Analysts have warned the longer the shutdown extends, the bigger the price shock could be, with some estimates suggesting repairs could take months.
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