Saudi Arabia could run out of oil stocks for export within days if it fails to restart a major pipeline hit by drone attacks. The damage also threatens to remove up to 4% of global oil supply from the market, Saudi oil buyers and traders said.

The pipeline has played a key role in Saudi Arabia’s ability to continue exporting oil following the disruption of the Strait of Hormuz.

Houthi strikes threaten Saudi oil exports as Brent hits $105 and Middle Eastern crude soars to $120.

Saudi Arabia's foreign minister said the Petroline was damaged following a drone launched by Iran-backed rebels in Iraq.