Amid Iran War Tensions, Energy Market Resilience Wears Thin
During the seventh month of the Iran war, new attacks damaged Saudi Arabia's East-West Pipeline and Houthi forces advanced near the Bab al-Mandab Strait, pushing crude oil to $109 per barrel. Iran attacked 10 tankers, the United States destroyed five Iranian tankers, and Iran targeted U.S. military assets in Jordan and Kuwait. Repairs to damaged pumping stations could take up to six weeks, while Saudi crude production fell to 6.2 million barrels per day and Qatar shipped only 18 LNG cargoes in six months.
Why it matters: This matters for energy market resilience, as the damage to Saudi infrastructure and shipping constraints threaten global crude supply and price stability.