Saudi Arabia Restarts East-West Oil Pipeline Amid Global Market Volatility

Saudi Arabia has restarted operations at its East-West Pipeline and could resume exports from the Red Sea port of Yanbu later on Tuesday, according to three sources briefed on the matter.

The pipeline was shut down on September 13 due to drone attacks that forced Saudi Arabia to halt crude loadings at the kingdom's Yanbu port.

The resumption of supplies helped drive selling on global oil markets, with Brent crude futures falling by more than $2 a barrel to its lowest since September 8.

Since disruption to oil flows through the Strait of Hormuz following the U.S.-Israeli war on Iran, OPEC's leading oil exporter has been using the pipeline to reroute around 4 million barrels per day, around 4% of global supply, to Yanbu.