Oil Prices Drop Below $102 Per Barrel as Saudi Pipeline Restores Capacity

Oil prices declined further on September 17, dipping below $102 per barrel for Brent crude.

The drop came after a pipeline in Saudi Arabia was partially restored following drone strikes that had led to supply disruptions in the Middle East.

The kingdom's East-West pipeline, which supplies oil to the Red Sea export hub of Yanbu, is expected to return about half its capacity within days.

Saudi Arabia has also sold more oil to Asian refiners for collection at locations just outside the Strait of Hormuz, further easing concerns over supply disruptions.

Despite this, risks remain as the US-Iran conflict continues to impact Middle East oil flows and the Russia-Ukraine conflict drags on.