Oil Prices Plummet Amid Saudi Pipeline Restart and Ongoing US-Iran Tensions

Oil prices are on track for their longest losing streak in a year as Saudi Arabia works to restore its critical East-West pipeline. The move is expected to resume oil exports and bypass the Strait of Hormuz, a key waterway through which a significant portion of global oil supplies pass.

Brent crude has fallen for six consecutive days, with prices dropping by over 9% in that time. This would be its longest losing run since August 2025, when the US-Iran conflict escalated after Washington's joint attack on Iran with Israel.

West Texas Intermediate for November also fell below $90 a barrel as markets wait to see if progress is made in talks between the US and Iran to end the conflict. The Saudi pipeline restart is seen as a positive development, but its impact may be short-lived if tensions continue to rise in the Middle East.