Saudi Oil Pipeline Repair Boosts Crude Prices

The price of oil has been falling for three consecutive days as traders reassess the impact of Saudi Arabia's East-West pipeline disruption on global supply. Brent crude futures fell about 1% to around $103.77 a barrel, while WTI dropped about 1% to around $100.88.

The decline comes despite recent attacks on Saudi oil infrastructure and ongoing conflict in the Middle East. However, traders are now focusing on efforts to restore Saudi oil flows and create alternative supply routes, which has reduced some of the immediate pressure on crude prices.

Saudi Arabia is working to bring part of its damaged pipeline back into operation, with reports indicating that it may target a recovery of roughly half of the pipeline's capacity within days. This would allow the kingdom to move crude toward the Red Sea without relying entirely on the Strait of Hormuz.