Saudi Arabia Reconnects Pipeline After Drone Attack Shutdown

Saudi Arabia has resumed crude oil exports through its East-West Pipeline after drone attacks forced it to shut down on September 13. The pipeline is pumping at a low rate, according to Reuters sources.

The restart comes as Saudi Arabia ramps up oil exports through the Strait of Hormuz. Over the weekend, seven super tankers with a capacity for 14 million barrels were loaded from Gulf export terminals in what market strategist Noureldeen Al Hammoury called 'the clearest sign yet of the export shift back towards Hormuz.'

This surge in Gulf loadings has pushed Brent crude below $100 per barrel, settling at $97.81 on September 21. West Texas Intermediate also dropped to $89.50 per barrel.