Brent Drops Below $104 Amid Saudi Pipeline Restoration Plans

Oil prices are dropping for a second consecutive day, with Brent trading below $104 per barrel.

Saudi Arabia plans to gradually restore operations of the East-West pipeline, which was damaged by drone attacks last week. The goal is to bring back about half of its capacity within the next few days and fully restore it in six weeks.

The increase in oil flows through the Strait of Hormuz is also easing concerns about global supply. U.S. Energy Secretary Chris Wright said that approximately 18 million barrels of crude oil and petroleum products passed through Hormuz earlier this week.