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EU returns to fuel subsidies after drone strike on Saudi pipeline: Brent above 113 USD
A drone attack on Saudi Arabia's East-West Pipeline (1,200 km) cut exports bypassing the Strait of Hormuz and pushed prices higher: Brent crude exceeded 113 USD per barrel. At risk are 3.5–4 million barrels of daily exports and 1.5 million barrels destined for Saudi Arabia's western refineries. European governments are again turning to fuel subsidies to contain public protests and budget pressure caused by sharp diesel price increases.
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