Saudi Arabia shut down its vital East-West pipeline after multiple drone attacks, intensifying the pressure on Gulf energy exports.
The pipeline had provided a workaround for Saudi crude, allowing the kingdom to bypass the Strait of Hormuz; its shuttering threatens the loss of 4% of the global oil supply, Reuters reported.
Yemenâs Iran-backed Houthis also seized Perim Island in the Bab al-Mandab Strait, threatening a second major shipping route through the Red Sea.
Together, the disruptions could further squeeze oil exports, driving prices higher â the price of Brent crude surged above $109 a barrel last week.
âWith two critical maritime arteries simultaneously being choked, the world is facing an increasing constrictionâ of global energy flows, a consultant told The Washington Post.