The price of oil has dropped to $98 per barrel after Saudi Arabia announced the reopening of its East-West pipeline. This route had been closed due to drone attacks for two weeks.
The price of oil has recorded a significant drop, standing at $98.11 per barrel following the announcement from Saudi Arabia regarding the resumption of flow in its East-West pipeline. This pipeline, which connects the country's main oil fields to the Red Sea, had been closed for two weeks due to drone attacks, causing prices to reach $109.97 per barrel.
According to expansion.com, Brent crude fell by nearly 3% and U.S. WTI dropped to $92.94 per barrel. Estimates indicate that if 40% of the pipeline's capacity is restored, there could be an additional million barrels in the daily market.
The resumption of the pipeline is scheduled for the end of this week. This 1,200 km pipeline has been crucial for Saudi exports, especially in the context of recent Iranian attacks that have affected other oil transport routes.
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