Oil steadies as Saudi pipeline restores export route
Arabian Post Staff -Dubai Oil prices steadied near $105 a barrel on Tuesday as Saudi Arabia restored substantial flows through its East-West pipeline, easing supply concerns while stalled US-Iran diplomacy kept a risk premium embedded in the market. Brent crude futures for November traded around $105.50 a barrel after settling at $105.28 on Monday, while US West Texas Intermediate was near $93.…
Oil prices stabilized around $105 a barrel on Tuesday as Saudi Arabia restored substantial exports through its East-West pipeline, alleviating supply concerns amid ongoing US-Iran tensions, according to the Arabian Post. Brent crude futures for November hovered near $105.50 per barrel, while US West Texas Intermediate settled at approximately $93 per barrel.
Traders weighed concerns about continued Middle Eastern disruptions against Saudi Arabia's resumption of crude exports and UAE's increased shipments. The East-West pipeline, which carries oil from eastern Saudi Arabia to the Red Sea port of Yanbu, bypasses the Strait of Hormuz, a critical chokepoint disrupted by Iran's drone attacks.
This pipeline restoration expands Saudi Arabia's export options, with a capacity of up to 7 million barrels daily. Despite the improvements in physical flows, geopolitical tensions and differing positions on sanctions and Iran's nuclear program prevent a complete removal of the market premium.
Written by urgent.news from Arabian Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Saudi Arabia resumes Yanbu oil exports after drone-hit East-West pipeline restarts businesstimes.com.sg
