Bernstein analysts point out that the closure of Saudi Arabia's East-West oil pipeline due to attacks, coupled with the delayed negotiations between Iran and Gulf states over the Strait of Hormuz, is leading to the most severe supply pressure in global energy markets in decades. Data from the International Energy Agency (IEA) shows that Saudi Arabia's August oil supply has fallen to a more than thirty-year low, affected by disruptions in the Strait of Hormuz and Red Sea passages, and global oil supply is projected to decline by approximately 6% this year. Houthi attacks on Red Sea shipping continue, with an attack on a Saudi airbase on Monday further exacerbating supply uncertainty. U.S. Energy Secretary Wright warned against having overly high expectations for a Strait of Hormuz agreement.