Saudi Arabia's Export Route Shift Eases Oil Supply Concerns Amid US-Iran Conflict
Oil prices fell on Friday as Saudi Arabia shifted its export routes and eased concerns about disrupted supplies due to the escalating US-Iran conflict. The country has been offering additional crude cargoes to Asian refiners through ship-to-ship transfers off Oman's Sohar port, providing an alternative export route.
The East-West pipeline, damaged in drone attacks last week, is expected to be partially restored, supporting markets. However, concerns over oil flows through the Strait of Hormuz persist after Iran's Islamic Revolutionary Guard Corps Navy struck a Togo-flagged oil tanker that attempted an 'illegal passage' through the waterway.
US President Donald Trump's comments on Iran have added to uncertainty, as he approaches a critical decision on whether to resume major military attacks. He will meet with leaders of six Gulf countries next Tuesday at the United Nations General Assembly in New York.