Saudi Arabia’s major East-West crude oil pipeline is expected to restart operations within days, according to US Energy Secretary Chris Wright.
Wright told CNBC on Tuesday that the disruption would be short-lived, describing it as a temporary interruption that should last only a few days.
The pipeline was taken offline late last week after suffering damage in a drone attack launched from Iraq. Wright attributed the strike to Iran-backed proxy groups.
Saudi Arabia has relied on the pipeline to transport crude exports toward the Red Sea, providing an alternative route during tensions between the United States and Iran over control of the Strait of Hormuz.
While the pipeline remains out of service, Saudi Arabia has redirected some oil shipments through the Strait of Hormuz with assistance from the US military, Wright said.
The temporary shutdown has contributed to concerns over global oil supplies. US crude prices have climbed more than 5% this week, rising above $105 a barrel, as markets assess the possible impact of the pipeline disruption on oil availability.
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