Summary
- Saudi oil pipeline attacked: US officials confirmed strikes on Saudi pumping stations, with drones likely launch from Iraq.
- Houthis expand in Yemen: Houthi forces are gaining control along the Red Sea coast, threatening key shipping routes.
- Oil and diesel prices rising: Russia's damaged refining capacity & shipping disruptions are also tightening fuel markets.
- Stagflation risk grows: Higher energy and shipping costs could push inflation higher while weakening global economic growth.
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US Officials Confirm East-West Pipeline Was Attacked
Open source satellite imaging has shown the crucial 'Hormuz bypass' East-West oil pipeline that cuts straight across Saudi Arabia has been on fire. A some 80km to 100km giant smoke plume has been observed. The damaged section is said to be located near the town of Al Mesba'ah.
Amid speculation that this is probably the result of a major Houthi attack out of Yemen, CNN in a new Friday report cites two US officials who've given confirmation that the pipeline was struck by projectiles on Thursday. Iraq was named as possible attack origin point. According to the report:
An early analysis found that pump stations, which are located next to the pipeline itself, were hit, one of the US offi
