Europe is facing a double energy trouble heading into winter. Saudi Arabia's East-West oil pipeline, an important alternative route that allows crude to bypass the Strait of Hormuz, was shut following drone attacks. The pipeline can carry up to 5.5 million barrels of oil a day, with analysts estimating that between 3.5 million and 4 million barrels per day of exports are now at risk—equivalent to up to 4% of global oil supply.
The disruption comes as Europe enters the winter season with natural gas storage only around 69% full, well below the five-year average of about 85% for this point in the year.
