Oil drops as Saudi Arabia ramps up flows through East-West pipeline
The kingdom is said to have restored about half the capacity of the key conduit after attacks
Saudi Arabia has increased crude oil flows through the East-West pipeline, contributing to a decline in oil prices. The kingdom partially restored capacity after drone attacks disrupted the pipeline, which bypasses the Strait of Hormuz, a vital energy chokepoint. Brent futures fell below US$103 a barrel as the US President Donald Trump releases up to 40 million barrels from the nation's emergency reserve.
While the market remains tight, the energy crisis could necessitate further intervention from the International Energy Agency. Talks between Qatar, Iran, and the US in New York have not yielded progress, but efforts are ongoing to find common ground.
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