Commodities
Oil Prices Fall on Saudi Pipeline Restart, Stalemate Pricing in Market
Oil prices fell on Tuesday after Saudi Arabia restored flows through its East-West pipeline to around 3.5 million barrels per day, bypassing the Strait of Hormuz.
Brent crude traded at $103.97, down more than 1% from Monday's $105.28 settlement, while West Texas Intermediate for November delivery fell to $90.94, down $1.66 or 1.79%
The pipeline outage earlier in September had forced Saudi Aramco to halt crude loadings at the Red Sea port of Yanbu and cancel some shipments to European customers.
The market is pricing in a stalemate between the US and Iran, with Brent at $100 considered the line between a deal and an escalation of tensions.