Middle East conflict: Asian refiners await clarity after Saudi pipeline shutdown

Oil prices are spiking after drone attacks forced Saudi Arabia to shut its east-west crude pipeline. Brent rose by more than 3%, trading at close to its highest level since May. WTI also up by a similar amount. Market jitters deepened after Gulf states postponed talks with Iran on a temporary shipping lane through the Strait of Hormuz, as tensions over the vital waterway remain high. Asian buyers source some 60% of their crude from the Middle East, importing close to 15 million barrels per day from the region last year. Given that dependence, Asian economies are now forced to rethink how and where they should get their energy supplies. Petronas CEO Tengku Muhammad Taufik says the result could be a more regionalised energy system, with countries relying increasingly on neighbours and long-term partners. Roland Lim reports from Gastech in Bangkok.