Oil Prices Rise as Saudi Pipeline Remains Offline

The price of oil has risen for a second consecutive day due to ongoing disruptions in Saudi Arabia's energy infrastructure. A critical pipeline, known as the East-West conduit, remains offline after being shut down last week following an attack. This pipeline is a workaround for flows through the Strait of Hormuz and was expected to mitigate supply chain risks.

Saudi Aramco has yet to provide a timeline for when the East-West pipeline may restart, leaving market participants uncertain about the future of oil supplies. The lack of clarity on the situation's resolution has contributed to the increase in oil prices.