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Iraq seizes drone-launching platform used to target Saudi oil pipeline

Iraqi security forces located and seized a drone-launch site allegedly used in an attack that temporarily shut down Saudi Arabia’s East-West oil pipeline.

Lieutenant-General Saad Maan, head of Iraq’s Security Media Cell, said an intelligence and security task force tracked down and confiscated the launch equipment.

Iraq’s government is maintaining direct communication with Saudi authorities to share intelligence, Maan said.

“Iraq adopts the principle of ‘preventive sovereignty’, which means not only preventing attacks on our territory, but also not allowing our land to be a launching pad against any other country or for Iraq to be part of a proxy war,” he said.

Iraq to reopen border crossings with Iran after attack on Saudi Arabia

Iraq is set to resume traffic at three border crossings temporarily shut following drone strikes on Saudi Arabia’s East-West oil pipeline, the Iraqi News Agency reports.

Passenger traffic will restart at the al-Shib crossing in Maysan province and the Shalamcheh crossing in Basra province today, with trade traffic returning later this week. Diyala province’s Mandali crossing will see trade resume on Tuesday.

The Iraqi government closed the crossings on Saturday after drone launch sites were discovered in the country.

Saudi shares fall following attack on East-West oil pipeline

Saudi Arabian shares have slipped as markets react to the drone attack on the East-West pipeline.

Riyadh’s benchmark index TASI dropped 1 percent during early trading on Sunday, pulled down by a 0.8 percent decline in Alrajhi Bank and a 2.4 percent drop in Saudi Arabian Mining Company, Reuters reported.

The oil giant Saudi Aramco meanwhile fell 1.1 percent, and Rabigh Refining and Petrochemical Company plunged 7.3 percent as the session’s worst performer.

Saudi pipeline outage risks disrupting 4 percent of global oil supply

Saudi oil buyers and traders say the Saudi pipeline outage could affect 4 percent of global oil supply if pumping isn’t resumed within days, the Reuters news agency reports.

Oil stocks for exports could run out, according to the oil traders, further hammering the global oil supply affected by the ongoing US war on Iran and the closure of the Strait of Hormuz.

Saudi Arabia was forced to shut its East-West oil pipeline on Friday after a drone attack launched from Iraqi territory. It’s unclear how much time is needed to repair the damage and resume pumping.