Oil Prices Decline as Saudi Exports Rise Amid Ongoing Strait of Hormuz Blockade
On September 29, oil prices began to decline during trading on Tuesday. The benchmark North Sea Brent crude oil price fell to $96.76 per barrel by 19:55 Moscow time, a decline of 1.09 percent or $1.07 compared to the previous day's closing level.
The drop in prices is attributed to an increase in exports from Saudi Arabia, which reported the resumption of oil shipments from the port of Yanbu on the Red Sea coast.
Experts point out that the rise in raw material exports from the Middle East has become possible due to the normalization of flows along the East, West pipeline, which was attacked by Yemeni Houthi rebels in September. However, the key logistics artery in the region, the Strait of Hormuz, remains blocked amid a lack of progress in peace negotiations between the United States and Iran.