Brent Crude Price Dips After Saudi Pipeline Repairs Announcement

The price of Brent crude oil fell to $103 per barrel on September 17, following an announcement from Saudi Aramco that it was building a bypass around the damaged section of the East-West pipeline.

The pipeline, which carries 4-5 million barrels a day, or about 4-5% of global oil supply, was attacked on September 10, leading to a shutdown. While repairs are pending, Aramco is making up for lost exports by selling outside the Strait of Hormuz.

The drop in price follows a jump above $108 per barrel on September 16, after news of the attack broke. American WTI crude is trading around $100 per barrel in futures contracts, while Press.rs reports it has fallen below that mark.