Oil Prices Tumble Below $100 Amid Pipeline Restart
Global oil prices have plummeted below $100 per barrel as Saudi Arabia reactivates its East-West crude oil pipeline, which had been shut down following drone attacks on September 13. The International Energy Agency (IEA) has identified the pipeline as a critical artery capable of bypassing the Strait of Hormuz.
The Brent crude price fell to around $98.30 per barrel on Tuesday, September 22, marking a significant decline from prices nearing $110 just the previous week. The IEA had forecast that global oil prices would remain elevated throughout 2026 due to falling global oil inventories and constraints on Middle Eastern oil exports.
The resumption of flows through the pipeline is expected to ease pressure on global oil supplies, with Saudi Aramco working to bypass damaged infrastructure to restore flows. The company aims to return the pipeline to full capacity in approximately six weeks.