Saudi Arabia's Yanbu Restart Calms Strait of Hormuz Fears

Oil prices have stabilized after Tuesday's sharp decline, as Saudi Arabia resumed crude loadings at its Red Sea port of Yanbu. The move provided an alternative export route that avoids the Strait of Hormuz, which has been a key market focus due to disruptions linked to the US-Israeli war with Iran.

According to shipping data and market reports, Saudi Arabia restored operations through its East-West Pipeline, which was previously disrupted. The pipeline now carries around 3.5 million barrels per day, roughly half of its capacity.

The recovery of Middle East exports has reduced some supply concerns related to disruptions through the Strait of Hormuz. Brent crude futures rose 0.1% to $102.68 per barrel, while WTI crude futures fell 0.2% to $89.24 per barrel.