BREAKING: The closure of Saudi Arabia's East-West pipeline after recent strikes is set to remove 4% of global oil supply if it is not reopened this week, per Reuters. Currently, repair estimates are ranging up to 6 weeks, meaning we are set to lose another ~4 million barrels of daily oil supply. Iran-allied Houthi forces also continue to push toward the Bab el-Mandab Strait. Oil markets open in under 9 hours.(The Kobeissi Letter)