Drone strike shuts Saudi oil pipeline, 4% of global supply at risk

Drone attacks on Friday forced Saudi Arabia to close its main east-west oil pipeline, threatening the loss of up to 4 per cent of global oil supply. Storage at the Red Sea port of Yanbu holds only five to seven days of exports, and world fuel prices have already hit record highs. The IEA expects global oil supply to fall by 5.7 million barrels per day this year.