U.S. Energy Secretary Assures Saudi Pipeline Closure Will Be Brief
The U.S. Energy Secretary, Chris Wright, stated that the recent closure of Saudi Arabia's East-West crude oil pipeline due to a drone attack will be resolved within days and is expected to cause only temporary disruption. Wright told CNBC that Iran-backed proxy groups were responsible for damaging the pipeline late last week. The pipeline has been critical in rerouting exports away from the Strait of Hormuz, but Saudi Arabia is now shifting some oil back through Hormuz with U.S. military support during its closure. U.S. crude prices have risen over 5% this week to above $105 per barrel as markets assess potential supply impacts.
Topics: energy security oil pipeline Saudi Arabia U.S.-Iran relations