A key oil pipeline has been closed by Saudi Arabia, a decision that holds significant importance for the global oil market. The closure of the East-West pipeline is attributed to drone attacks originating from within Iraq, which reportedly caused injuries and some damage. No group has claimed responsibility for the attacks, but US President Donald Trump has pointed to Iran-backed groups operating in Iraq.

The Iranian Foreign Ministry has denied the accusation. The East-West pipeline supplies coastal Saudi refineries and extends to the port of Yanbu on the Red Sea. Further details on the situation are available from the source. The closure poses a threat to another contingency plan for the global oil market, which has been impacted by over six months of conflict between the US and Iran.