Here's what the Saudi East-West pipeline shutdown means for Asia's biggest crude importers
The shutdown of Saudi's key East-West pipeline stands to squeeze crude supply for Asian importers, with South Korea appearing the most directly exposed.
Brent crude oil futures prices slipped below $102 per barrel on Monday, driven by optimism that diplomatic efforts might help reduce tensions in West Asia. By 9:41 am, the price of Brent futures stood at $101.74, marking a 2.05 percent decline. October crude oil futures (WTI) were at $98.12, a 2.17 percent drop. September crude futures on MCX were trading at ₹9,421, a 2.46 percent decrease from the previous close. October futures were at ₹9,034, a 2.05 percent reduction.
US President Donald Trump expressed openness to a meeting with Iranian President Masoud Pezeshkian. Pezeshkian is anticipated to attend the United Nations General Assembly in New York this week. According to Al Jazeera, which quoted Iran's security chief Mohsen Rezaei, Iran has communicated its conditions to mediators for re-engaging in talks with the US.
Admiral Brad Cooper of US Central Command reported on X that US forces have facilitated the export of over 1 billion barrels of crude oil from the Gulf through the Strait of Hormuz in recent months. Pezeshkian reportedly conveyed conditions to mediators for a re-engagement in negotiations with the US. Additionally, Houthis launched attacks on Saudi Arabia using missiles and drones on Saturday, targeting sensitive sites in Riyadh and Aramco's facility in Yanbu.
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