Houthis attack Saudi East-West oil pipeline, threaten alternative route around Strait of Hormuz, Brent crude rises to $105.
Satellite imagery shows fire and thermal anomalies along Saudi Arabia's East-West Pipeline, which transports 7 million barrels per day, suggesting a possible attack by Houthi rebels. This attack could jeopardize Saudi Arabia's crude oil exports of 3 to 4 million barrels per day and lead to the kingdom's August crude oil production falling to 6.24 million barrels per day, its lowest since 1990. Consequently, ICE Brent crude oil prices have risen to $105 per barrel, Middle East crude oil prices have surged to $120 per barrel, and Asian refiners have requested Saudi Aramco to change its crude oil pricing benchmark.
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