nuSep 22, 2026, 11:05

Saudi Arabia reopens key oil pipeline after major drone damage

Saudi Arabia has partially reopened its critical East-West pipeline following damage from Houthi drone attacks. The pipeline serves as a key export route while the ongoing blockade of the Strait of Hormuz continues to restrict global shipping and drive up international oil and fuel prices.

Saudi Arabia has resumed limited operations on the East-West pipeline following significant damage caused by Houthi drone attacks last week. The 1,200-kilometer infrastructure serves as a vital alternative for oil exports, particularly as the ongoing blockade of the Strait of Hormuz continues to disrupt global shipping routes and keep international oil prices elevated. Reports indicate that full restoration of transport capacity through the pipeline is expected to take approximately six weeks.

The conflict between Iran and the United States, which began in February, has stranded hundreds of oil tankers, causing global Brent crude prices to reach 98.04 dollars per barrel. Iran has expressed a willingness to lift the blockade on the Strait of Hormuz if the United States ceases hostilities and ends the restriction of Iranian ports. These supply chain disruptions have directly impacted consumers, with fuel prices in the Netherlands remaining high, currently costing 2.703 euros per liter for gasoline and 2.81 euros for diesel.

Economy Business World

Read original ↗

Based on reporting by nu. Translated and condensed by LocalHeadlines.

NVIDIA CEO had close relationship with woman who turned out to be Chinese spy

NVIDIA CEO Jensen Huang is facing a congressional investigation after reports linked him to a woman identified as a Chinese spy. While the company denies any romantic involvement, officials are concerned about potential security risks due to Jensen Huang's role as an advisor to the American president.

Spain intervenes and pulls olive oil from market to prevent price drop

Spain is mandating the storage of 188,000 tons of olive oil to prevent a market surplus from driving producer prices down following a successful harvest. The intervention aims to support farmers, though competition authorities have expressed concerns that the measure could artificially sustain higher prices for consumers.

Bank of England raises interest rates for the first time in three years

The Bank of England has raised its key interest rate to 4 percent for the first time in three years to combat inflation driven by rising energy costs. Governor Andrew Bailey warned that further increases remain possible as long as the current conflict in the Middle East continues.

Strong gains on Wall Street following Democratic election victory

Wall Street indices surged following significant Democratic election victories, with technology and solar energy stocks leading the market gains. Conversely, defense firms, oil companies, and businesses associated with Elon Musk faced losses due to shifting political expectations and declining oil prices.

Lack of funding remains a massive hurdle in the fight against climate change

Developing nations require 300 billion dollars annually for climate adaptation, yet received only 30 billion dollars from wealthy countries in 2024. Experts warn that deep cuts to climate aid and persistent funding shortfalls risk creating international tension as global climate negotiations approach.