Oil prices spiked to $109 per barrel following the attack on the key infrastructure by Iranian-backed militias in Iraq<\/p>\n
A key Saudi Arabian oil pipeline hit in a drone strike by Iraqi militias will take up to five weeks to repair, AP has reported, citing informed officials.
\nThe East-West Pipeline, which runs 1,200 km across the country towards the port of Yanbu on the Red Sea, will remain mostly out of service during the three- to five-week repair period, the agency said in an article on Tuesday.
\nOne official suggested that parts of the infrastructure could function while segments of the pipeline and a major pumping station are being fixed, but couldn\u2019t say how much oil might get through, according to AP.
\nOil prices spiked by more than 3% on Monday, with benchmark Brent crude reaching $109 per barrel, following the decision by the Saudi authorities to shut down the pipeline after it was struck by drones in the Riyadh and Medina areas on Thursday.
\nThe Gulf kingdom blamed Iranian-backed militias in Iraq for the attack, with the government in Baghdad confirming that the UAVs came from Iraqi territory and condemning the aggression.<\/p>\n
Read more<\/p>\n
Over 80,000 displaced in Yemen as fighting intensifies amid new Houthi push<\/p>\n
According to some reports, Iraqi fighters targeted the pipeline in solidarity with Yemen\u2019s Houthis, officially known as the Ansarallah movement, who made major gains along Yemeni Red Sea coast last week, pushing back Saudi-supported forces and seizing the ports of Mocha and Dhubab as well as key islands at the entrance to the Bab al-Mandeb Strait, a crucial shipping chokepoint.
\nSaudi Arabia, which is the world\u2019s largest supplier of oil, shifted its exports from the Persian Gulf to the Red Sea as the Strait of Hormuz remains shut due to the conflict between the US and Iran.
\nThe Houthis further tightened their grip on the Bab al-Mandeb Strait on Monday, capturing the strategic islands of Greater and Lesser Hanish without a fight, AP reported, citing officials from the group and Saudi-backed forces.
\nThe Yemeni group said on the same day that it had fired dozens of missiles and drones at the King Khalid Air Base in the southern Saudi city of Khamis Mushait.
\nThe attack \u201cwas accurate and caused heavy damage\u201d to aircraft hangars, radars, landing strips, and ammunition depots at the facility, Houthi military spokesman Brigadier General Yahya Saree said.<\/p>\n
Read more<\/p>\n
Houthis asked US not to intervene in Yemen conflict \u2013 Trump (VIDEOS)<\/p>\n
The strike was \u201ca response to the escalation of tension by the Saudi regime and the implementation of more than 300 airstrikes in the past five days,\u201d Saree stressed.
\nSaudi military spokesperson Major General Turki al-Malki said 13 civilians were wounded during the Houthi raid on Khamis Mushait, but didn\u2019t confirm the attack on the airbase.
\nRiyadh has asked Britain for military support in stemming the Houthi advance in Yemen and repelling strikes on Saudi oil infrastructure, Bloomberg reported on Monday.
\nLast week, US President Donald Trump reportedly declined several requests by Saudi Crown Prince Mohammed bin Salman to order airstrikes against the Houthis.
\nUK Prime Minister Andy Burnham has so far only agreed to send military advisers to Saudi Arabia, the agency said. Burnham is hesitant to provide further assistance due to concerns of it being viewed as him backing Trump\u2019s war on Iran, which is deeply unpopular in Britain, Bloomberg said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices spiked to $109 per barrel following the attack on the key infrastructure by Iranian-backed militias in Iraq A key Saudi Arabian oil pipeline hit in a drone strike…<\/p>\n","protected":false},"author":1,"featured_media":38152,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-38151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t