Brent Prices Slip as Pipeline Disruption Lingers
Brent oil prices closed at $103.21 per barrel on Friday, September 18, down 1.2 percent from seven days earlier, according to Trading Economics data.
The attack on Saudi Arabia's East West pipeline has caused market uncertainty, with initial estimates suggesting two pumping stations were damaged. However, satellite images and industry sources now indicate that three stations were affected, making the repair job more extensive than initially thought.
Aramco expects to restore half of the pipeline's daily flow soon, but the timeline for full repairs remains unclear.
Meanwhile, Saudi Arabia has continued exporting oil through other routes, shipping 2.8 million barrels per day through the Strait of Hormuz over the past six days and selling 60 million barrels via a ship-to-ship transfer from one of its key ports.