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Commonwealth Bank warning as Aussie drivers face more pain as oil prices surge
Global oil and refined fuel markets are again surging with concerns the forced shutdown of a key oil pipeline in the Middle East will add to oil shortages and higher prices. Saudi Arabia says its East-West pipeline was hit by drones launched from Iraq, temporarily taking out the main route for Middle East oil bypassing the blockaded Strait of Hormuz.
Traders say the closure of the pipeline could cut off as much as four per cent of global oil supply unless it is reopened within days while images from space show sections of the pipeline damaged by blazes. Riyadh has not given a firm estimate for how long it will be shut.
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Recent drone attacks on the East-West oil pipeline in Saudi Arabia, allegedly from Iran-backed Houthi forces operating in Iraq, have led to a temporary shutdown of what was operating as an oil export bypass for the already constricted Strait of Hormuz.
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