NewsBeat
Saudi Arabia shuts key oil pipeline after drone attack launched from Iraq
The Gulf Co-operation Council – made up of representatives from Saudi Arabaia, the United Arab Emirates, Bahrain, Oman, Qatar and Kuwait – also issued a missive condemning the attack.
“This attack represents a dangerous escalation and an unacceptable threat to the security of the Kingdom of Saudi Arabia, its territorial integrity, and its vital installations, as well as a flagrant violation of the principles of international law,” secretary general Jasem Mohamed Albudaiwi.
This week, a lightning advance in Yemen has also seen Houthi militants seize control of much of the country’s coastline, sources say.
The group claims it has control of the Bab al-Mandab Strait, the gateway to the Red Sea and the Suez Canal, though it says maritime navigation is “safe for all companies except for Saudi vessels”.
The developments have squeezed both sides of the Arabian Peninsula, pushing crude oil prices to over $100 a barrel for the first time since July.
Fears over inflation have risen with the spike in energy prices, further pushing up government borrowing costs.
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