Update: The fire has been extinguished and the cause was faulty repair. It was not sabotage or the work of terrorists. The explosion and fire took place near Sudair, which is about 250 Kms north of Riyadh, the Saudi Arabian capital city. Also the pipeline was carrying Diesel, not crude oil. No injuries or deaths were reported.
Reports, as yet unconfirmed, talk about a huge pipeline explosion in Saudi Arabia on Wednesday. A twitter microblogger going by the handle of ArmedResearch has posted pictures of the explosion on his twitter timeline, some of which are re-posted below.
— Military Studies (@ArmedResearch) November 5, 2014
Below is a YouTube video purportedly of the same explosion
This news was immediately picked up by news outlets around the world and was enough to send the price of crude oil northwards by at least $4 or so. It was not clear as whether this event was an industrial accident, or an act of sabotage.
For the moment we are treating this an industrial accident and hence it appears in the same category.
More details are awaited, watch this space.