Saudi Arabia's East-West oil pipeline system was struck by projectiles on Thursday, causing fires at pump stations; US officials assessed the drones originated from Iraq. The attack threatens the kingdom's oil exports and regional energy shipping amid escalating Iran-aligned militia activity, with oil prices surging past $100 per barrel.
Oil prices surged to six-week highs as US-Iran strikes intensified in the Strait of Hormuz, a critical chokepoint for global oil supply. Brent crude rose to $97 a barrel amid reduced shipping traffic and attacks on Saudi and Iranian vessels, driving US gasoline prices up 7 cents weekly to $4.15 per gallon and diesel to record highs of $5.90.