El precio del petróleo cae a 98 dólares tras indicar Arabia Saudí la reapertura del oleoducto Este-Oeste

Oil prices slipped to $98 per barrel as Saudi Arabia signaled the reopening of its East-West pipeline, which had been shut for two weeks due to multiple drone attacks. The Brent crude, the global benchmark, dropped nearly 3% and fell below $98 dollars per barrel. The U.S. WTI crude also dropped 3% to $92.94. A source confirmed that the pipeline would resume flow by the end of the weekend.

Saudi Aramco, the national oil company, did not respond immediately to requests for comment. Market participants also sold oil due to speculation that diplomatic talks between Iran, China, and the U.S. this week might lead to progress in ending the conflict in the Middle East. On Sunday, President Donald Trump said he was "probably" willing to meet with Iran's president this week.

Oil prices spiked to $109.97 per barrel after Saudi Arabia closed the East-West pipeline almost two weeks ago following drone attacks that destroyed pumping stations and injured several people. The 1,200 km pipeline connects Saudi Arabia's main oil fields in the east with the Yanbu port on the Red Sea in the west, allowing the kingdom to continue exporting despite Iranian attacks on ships passing through the strategic Strait of Hormuz, the main route for Persian Gulf oil to the world.

It is unclear how much oil could flow through the pipeline once it reopens, with its official capacity at 7 million barrels per day. June Goh, an analyst at Sparta Commodities, said that even if only a fourth of the flow through the pipeline is restored, no additional oil would be exported as it would be used in Saudi Arabia's western refineries.

If 40% of the pipeline's capacity is restored, there would be an additional million barrels of crude per day on the market, according to her estimates. Much of the oil from Yanbu is destined for European markets, and last week the region's refineries were informed they would not receive their allotted loads for October. Disruptions to the East-West pipeline have reshaped Saudi Arabia's oil exports in just two weeks, according to Kpler energy data company analysts, who noted the kingdom quickly redirected its oil to the Hormuz Strait after the pipeline explosion.

They said cargo at the Juaymah port in the Persian Gulf had quintupled compared to August, and that by September 20 all its berths were full.