Saudi Arabia's East-West pipeline, damaged by an Iran-backed militia, risks keeping 4 percent of the world's oil supply from reaching markets. The 750-mile pipeline has been Saudi Arabia's primary export route since the war in Iran began in February. Saudi Arabia scrambled to reroute roughly four million barrels of oil daily after the shutdown.

Brent crude hovered around $107 per barrel on Wednesday, up 50 percent from prewar levels. Goldman Sachs warned prices could reach $120 a barrel if attacks continue. Analysts estimate the world could lose 120 million barrels if the pipeline stays offline for a month.

Amena Bakr of Kpler called the situation "disastrous," citing two major waterways obstructed and no signs of diplomatic talks. Robin Brooks of the Brookings Institution dismissed nightmare scenarios of months-long shutdowns, noting Saudi Arabia's experience restoring operations quickly after prior attacks, including a 2019 Houthi strike on Saudi Aramco facilities.