Saudi Oil Flows Resume Amid Ongoing Regional Tensions
Saudi Arabia's oil flows through its key East-West pipeline have resumed after sustaining multiple hits, according to a new report. The pipeline transports around 4% of global oil supplies and has been a major concern for the global market.
The restart comes as Saudi Arabia's exports have reached their highest level since the war in the region began in late February. Despite facing challenges from an oil embargo by Yemen's Iran-backed Houthis and an Iranian blockade of the Strait of Hormuz, shipments climbed 80% in September compared to August.
Riyadh is now exporting six million barrels of oil per day, according to intelligence firm Kpler. However, oil prices are rising on Monday after President Donald Trump rejected meeting Iran's conditions to reopen the Strait of Hormuz.