Saudi Arabia will run out of oil \u2060stocks for export if it \u2060doesn\u2019t restart a drone-damaged major \u200bpipeline to the Red Sea within days, leading to the loss of up to 4% of global supply, Saudi oil buyers and traders said.<\/p>\n
Satellite photos released on Sunday night appeared to show a pumping station on the key 1,200km (745-mile) Saudi east-west pipeline charred and badly damaged, after drone attacks on Friday.<\/p>\n
A further decline in oil flow from Saudi Arabia, the world largest oil exporter, will worsen the \u2060global supply crunch, which has already pushed global fuel prices to record highs and spurred inflation around the world.<\/p>\n
The news comes as Yemen\u2019s Iran-aligned Houthi forces have launched attacks on targets in Saudi Arabia and captured the strategic island of Perim<\/a> in the Bab al-Mandab strait, expanding their control of the narrow waterway.<\/p>\n On Sunday, the international oil benchmark, Brent crude, rose more than 3.4% to $108 per barrel, a level not seen since May.<\/p>\n Since the drone attacks forced the shutdown of the pipeline, Riyadh has yet to provide full details about the extent of the damage or how long the \u200broute will stay offline. The Saudis blamed the attack on drones launched by militants in Iraq<\/a>.<\/p>\n Sources that spoke to Reuters gave varying estimates, \u200cwith one saying the damage could take \u200cup to six weeks to repair, while another said it could be fixed sooner and could resume pumping partially while \u200crepairs are ongoing.<\/p>\n Saudi Arabia\u2019s government media office and energy ministry did not immediately respond to requests for comment.<\/p>\n