Oil Prices Stabilize on Recovering Middle East Exports

Oil prices steadied on Wednesday after a sharp drop in the previous session as signs of recovering Middle East exports offset concerns over disrupted shipments through the Strait of Hormuz.

Saudi Arabia's resumption of crude loadings at its Red Sea port of Yanbu, following the restart of its East-West Pipeline, provided an alternative route that bypasses the key waterway.

According to Reuters, nearly 10 million barrels of crude were loaded at Yanbu and nearby Al Muajjiz. Saudi Arabia restored flows through its East-West pipeline to around half of its capacity, or 3.5 million barrels per day.

The recovery reduced immediate supply risk caused by the conflict, but the Strait of Hormuz remains a key uncertainty as diplomatic efforts to reopen the route have yet to produce a breakthrough.