Oil prices have surged amid fears that Saudi Arabia could run out of export stocks in a matter of days if it does not repair a bombed pipeline.
Satellite images have revealed the extent of the damage to the 745-mile east-west oil pipeline after drones were launched from Iraq on Thursday, with a pumping station appearing badly charred.
Oil prices rose more than 3 per cent on Monday, following ‘a step-up in attacks on Saudi Arabian energy infrastructure, including targeting the crucial east-west pipeline’, said ING commodity strategists.
The pipeline has helped Saudi Arabia – the world’s largest crude oil exporter – bypass the Strait
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