The service appears to have been restored around 11:35 AM, and videos can now be viewed normally.
On the morning of October 17, an outage made YouTube unusable.
The service went down on both smartphones and PCs, leaving videos completely unwatchable.
Many users posted reports of the problem on Twitter, and YouTube's official account also acknowledged the issue, posting that they were "working on resolving it."
Thanks for your reports about YouTube, YouTube TV and YouTube Music access issues. We're working on resolving this and will let you know once fixed. We apologize for any inconvenience this may cause and will keep you updated. — Team YouTube (@TeamYouTube) October 17, 2018
Temporarily Unable to Load on PC and Smartphone
The site couldn't be displayed from smartphone apps either, throwing errors.

On the PC version of the site, channel pages returned 500 errors.

A 500 error indicates some kind of server-side issue, so it's possible something went wrong on YouTube's end — though officials said the cause was still under investigation.
Either way, it's a relief that things are back up and running.