{
  "id": 8076495,
  "title": "Crude Oil sells off and takes it all back on Saudi cargoes through Oman",
  "url": "https://urgent.news/2026/09/17/crude-oil-sells-off-and-takes-it-all-back-on-saudi-cargoes-through",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-17T18:13:47.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/crude-oil-sells-off-and-takes-it-all-back-on-saudi-cargoes-through-oman-202609171813"
  },
  "original_language": "en",
  "account": "Crude Oil prices settled near $94.50, a significant drop from previous levels, following a brief surge to $97.50. Saudi Arabia offered additional cargo to Asian refiners outside the Strait of Hormuz, causing traders to view this as an increase in oil supply. Daily closing prices for the past five sessions ranged between $96.50 and $101.00, highlighting a market's tendency to buy and sell the same story repeatedly. A ship-to-ship transfer involves moving oil from one vessel to another, typically through the Strait of Hormuz, but with the risk of losing cargo if transferred ships are targeted. Asian refineries are loading Saudi crude at Gulf terminals and transferring it to waiting vessels in Oman, bypassing the Hormuz route. Transfers in the Gulf of Oman increased to approximately 2.7 million barrels per day, compared to 1.5 million in August, indicating a greater volume of cargo passing through the strait rather than being rerouted. The Strait of Hormuz handles nearly 20 million barrels of crude and products daily, constituting around a quarter of the world's seaborne oil trade. The damage to the East-West pipeline, which carries oil from eastern oil fields to Yanbu on the Red Sea, has disrupted this alternative route. Saudi Aramco has stated that half of its pipeline capacity may be restored within days, but the damaged route remains closed for an estimated three to five weeks. This has left Saudi crude oil to navigate the risky Hormuz route, leading to a decrease in Crude Oil prices. The market is monitoring the progress of pipeline repairs, as a full restoration would significantly impact oil prices.",
  "summary": "Crude Oil trades near $97.50, which is where it opened, after a drop to $94.50 and a full recovery. Saudi Arabia is offering Asian refiners extra cargoes handed over outside the Strait of Hormuz, and the price treated that as more oil.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Quartz",
        "title": "Oil prices are sliding as Saudi Arabia reroutes crude through Oman after pipeline hit",
        "url": "https://urgent.news/2026/09/17/oil-prices-are-sliding-as-saudi-arabia-reroutes-crude-through-oman",
        "published": "2026-09-17T13:20:36.000Z"
      },
      {
        "outlet": "Saudi Gazette",
        "title": "Saudi Arabia’s US Treasury holdings rise by $10.7 billion in July",
        "url": "https://urgent.news/2026/09/17/saudi-arabias-us-treasury-holdings-rise-by-10-7-billion-in-july",
        "published": "2026-09-17T14:37:40.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}