Saudi Arabia shuts Hormuz-bypass pipeline, oil rises more than $3 with 4% of supply at risk
Developing Asian nations face an added $7 billion in gas costs after the U.S.-Iran war took a fifth of global LNG supply offline, Bloomberg reported.
- Sept. 3 — U.S. drones hit two Iranian tankers under a "tanker for tanker" policy while the Navy escorted a 40-ship convoy through Hormuz, after two Filipino sailors were killed on the Saudi tanker Sidr. - Sept. 13 — Drones launched from Iraq hit the Saudi East-West line, forcing its closure.
ContextThe last full Saudi export shutdown — the Sept. 14, 2019 attack on the Abqaiq processing plant — was half-restored in three days, and higher oil costs usually reach U.S. pumps within about two weeks (AP).
REUTERS10 sources
