Saudi Pipeline Attack Highlights Risk to Middle East Oil Exports - Bloomberg:
The Yemeni rebel drone attack that forced Saudi Arabia to temporarily shut its main cross-country oil link highlights risks to crude exports from the Persian Gulf as U.S. efforts to eliminate Iran’s oil exports inflame regional tensions.
Why does the attack matter?
State oil giant Saudi Aramco is the world’s largest crude exporter, and Saudi Arabia sees its role in global oil markets as helping to balance supply and demand and cushioning against price spikes. Most of the country’s roughly 7 million barrels of daily crude sales are shipped from ports on the Persian Gulf and onward through the narrow Strait of Hormuz.
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