Brent Crude Steady Amid Saudi Oil Sales Pause
Saudi Arabia's oil sales to Europe have taken an unexpected turn as the kingdom pauses some crude allocations amid escalating Middle East tensions. The move is causing Brent crude oil prices to stabilize, at least for now, after a nearly 3% drop over the past two sessions.
The global benchmark, Brent, has hovered around $105 per barrel following this latest development. Saudi Aramco informed at least two European oil refining customers that they will receive no crude oil next month, according to sources familiar with the matter.
This decision comes after Saudi Arabia's damaged East-West pipeline was restored following drone attacks linked to Iran. While the restoration provided some relief, the recent pause in sales highlights ongoing concerns about supply disruptions in the region.