Oil's new chokepoint is the supply-risk story to watch. A real route disruption puts a geopolitical premium into crude fast, and freight plus refining spreads absorb the second-order move. Energy tape

What happened: Drone attacks forced Saudi Arabia to shut its East-West pipeline, which carries about 4M barrels/day to the Red Sea port of Yanbu and lets Saudi exports bypass the Strait of Hormuz. Key numbers: Crude oil up 2.5% at $102/bbl. Why it matters: Saudi Arabia could exhaust oil inventories available for export within days unless the pipeline restarts, potentially removing supply from an already strained market. Supertanker shipping costs hit record highs last week after the biggest wave of attacks on Middle East shipping since the start of the U.S.-Iran war.

Drone attacks forced Saudi Arabia to shut its East-West pipeline, which carries about 4M barrels/day to the Red Sea port of Yanbu and lets Saudi exports bypass the Strait of Hormuz.

Saudi Arabia could exhaust oil inventories available for export within days unless the pipeline restarts, potentially removing supply from an already strained market. Supertanker shipping costs hit record highs last week after the biggest wave of attacks on Middle East shipping since the start of the U.S.-Iran war.