Escalating geopolitical tensions in the Middle East, including a September 2026 drone attack on Saudi Arabia’s East-West pipeline attributed to Iran-backed Iraqi militias, have heightened risks to global oil supply chains. The 1,200-km conduit, which had rerouted 2.6–5 million barrels per day (roughly 4–5% of global supply) to bypass the disrupted Strait of Hormuz amid the U.S.-Iran conflict, was shut down after sustaining damage to pumping stations, with repairs projected to take three to eight weeks. Concurrent Houthi advances along Yemen’s Red Sea coast threaten additional export routes through the Bab al-Mandeb Strait, driving Brent crude prices above $100 per barrel and amplifying volatility in energy benchmarks. Traders are monitoring Saudi production levels, which have fallen to multi-decade lows near 6 million barrels daily, alongside potential responses from Riyadh or Washington that could further influence tanker flows and futures pricing.