Saudi Export Resumption Boosts Oil Price Recovery

Oil prices have fallen for the third consecutive day as Saudi Arabia makes progress in resuming its exports. The 'East-West' oil pipeline was damaged, causing a suspension of shipments at the Yanbu export hub on the Red Sea.

Riyadh has announced plans to restore about half of the pipeline's capacity within several days and is offering more crude cargoes to Asian refiners through ship-to-ship transfers off the Omani port of Sohar. However, prices remain above $100 a barrel as markets await confirmation of a clear improvement in the supply situation.

The conflict in the Middle East has not deterred analysts from predicting a rise in oil supplies, with Brent crude futures falling by 0.75% to $104 a barrel and WTI crude futures declining by 0.69% to $101.20 a barrel.