Strike on Iranian cargo ship in Strait of Hormuz kills 1
Emmanuel Addeh in Abuja
Saudi Arabia will run out of oil stocks for exports if it doesn’t restart its major pipeline to the Red Sea within days, leading to a loss of up to 4 per cent of global supply, Saudi oil buyers and traders have said.
A further decline in Saudi flows will worsen the global supply crunch, which has already pushed global fuel prices to record highs, spurred inflation around the world and sent U.S. bond yields to the highest levels since the 2008 financial crisis.
Since drone attacks forced Saudi Arabia to shut its huge east-west oil pipeline on Friday, Riyadh has not given full details about the extent of the damage or how long the route will stay off-line.
