Saudi pipeline attack cuts crude exports to Europe, halts October deliveries

The East-West pipeline shutdown removes 4–5 million barrels per day from global crude supply—equivalent to 4–5 percent of global output—and halts all October deliveries to European term-contract buyers (577,000 bpd as of June). Repairs may take 3–6 weeks; alternative rerouting via ship-to-ship transfers and Egyptian ports costs more and moves slower, raising shipping rates and insurance premiums. Oil inventories at Yanbu port have fallen from 21 million to below 15 million barrels, covering only days of exports. JPMorgan now lacks a baseline forecast for oil prices due to compounding regional tensions, making forward hedging and investment planning difficult for refineries, power utilities, and energy traders globally.