Saudis seek to boost Hormuz oil exports as key pipeline attacked

Kingdom aims to increase oil exports through the Strait of Hormuz following attacks that halted a key pipeline, reports indicate. Saudi Arabia had previously raised shipments through the contested Hormuz waterway, raising shipments from August levels in the first 10 days of the month. The kingdom closed the East-West pipeline after two points along the route were targeted by attacks last week.

This action puts millions of barrels a day at risk, as markets demand more supply with crude prices near $110 in London. While US Energy Secretary Chris Wright expects the pipeline to resume operation "very soon," Saudi Aramco has not commented on the matter. Supplies returning to normal levels were reported following a similar attack in April, showing resilience despite previous damage.

The pipeline, which has become a crucial lifeline for oil markets, faced increased risks due to the ongoing war. Despite the ongoing challenges, Saudi Arabia has been increasing its tanker fleet and preparing for higher exports, though the shortage of ships and high freight costs pose significant challenges.