Saudis shut key pipeline, spark fears of further fuel price rise

Saudi Arabia has shut down its East-West pipeline, after the vital oil conduit came under aerial attack in the widening West Asia war, threatening to send energy prices even higher.The world's largest crude oil exporter said it temporarily shut the pipeline as a precaution after a drone attack that both Baghdad and Riyadh said had originated in Iraq, where Iranian-backed militias operate. Iraq dismissed a military commander on Saturday after the attack.The 1,200km pipeline has served as the main route out for global supplies of West Asian oil for the past six months while the Strait of Hormuz has been largely shut by war. It has been moving 4 million to 5 million barrels per day, amounting to 4% to 5% of global supply, sparing Saudi Arabia the brunt of the disruption that has crippled other Gulf oil and gas exporters.There was no immediate claim of responsibility for the strikes. Satellite images showed black smoke rising from an area of the pipeline south of Medina.Catch the latest World News and Live updates. Download the TOI app.