Saudi Arabia's Crude Export Routes Blocked... Global Oil Prices Turn Red

[Anchor]

In the aftermath of the war between the United States and Iran, Saudi Arabia's crude oil export routes are being blocked from all directions. Compounded by Ukraine's attacks on Russian refining facilities, international oil prices continue their soaring march, surpassing 100 dollars a barrel.

Reporter Kim Minpyo has the details.

[Reporter]

The booster station facilities of the pipeline connecting the eastern and western parts of Saudi Arabia are burned and charred black.

On the 10th local time, at least two locations of this pipeline were forced to halt operations after coming under drone attacks presumed to be the work of pro-Iranian militias in Iraq.

With the Strait of Hormuz blocked, even the pipeline that used to transport up to 7 million barrels of crude oil a day to Saudi Arabia's Red Sea port of Yanbu has now been cut off.

In addition, Yemen's pro-Iranian Houthi rebels have seized Red Sea coastal cities and islands in the Bab el-Mandeb Strait at the entrance of the Red Sea, advancing to within about 30 kilometers of a U.S. military base in Djibouti on the opposite side of the strait. Their momentum shows no sign of slowing, having even struck a key air force base in the Saudi interior.

[Yahya Saree / Houthi Military Spokesperson: We carried out precision strikes on military facilities at Saudi Arabia's King Khalid Air Base, including hangars, radar, runways, and ammunition depots.]

In the Strait of Hormuz, Iran's control remains absolute, marked by incidents such as a Panama-flagged very large crude carrier coming under attack and exploding.

Saudi Arabia, which was the world's largest crude oil exporter before the war with Iran, has found itself trapped. Iran is blocking export routes in Hormuz, the Houthis are blocking them in the Bab el-Mandeb Strait, and even if it tries to send oil through Egypt's Suez Canal, the destruction of the pipeline makes it difficult to even bring crude oil to the Red Sea.

The plunge in Saudi Arabia's crude oil exports, combined with Ukraine's attacks on Russian refining facilities, has pushed international oil prices past the 105 dollar mark.

In the United States in particular, diesel prices have surged 68 percent since the start of the war, hitting a record high of 6.23 dollars per gallon.

[Richard Meade / Editor-in-Chief, Lloyd's List: The prolonged detour routes and severe logistical disruptions are precisely why oil prices are soaring.]

Trump, who claimed that the skyrocketing diesel prices are due to the Russia-Ukraine war, stated that Russia and Ukraine agreed to halt attacks on energy facilities. However, attacks on energy facilities by both sides, including areas densely populated with gas stations, continued today (the 15th).

(Video Editing: Kim Byung-jik)
※ Please note: This article was translated by AI and may contain errors.