Saudi Pipeline Restart Drives Brent Prices Down Amid Ongoing Tensions

Brent crude prices fell to $99.25 per barrel on September 22 as Saudi Arabia's East-West pipeline resumed operations and crude shipments through the Strait of Hormuz increased.

The November Brent futures contract dropped by 1.09%, or $1.09, for the day, while the October WTI contract finished at $94.99 a barrel, down 1.24% from the previous day's close.

Saudi Arabia had restarted its East-West pipeline after drone attacks forced it to shut down on September 13, halting crude loadings at Yanbu port. Analyst Phil Flynn noted that Saudi Aramco had loaded about 14 million barrels of crude onto seven very large crude carriers in the Gulf after the Houthi attacks.

Flynn added that satellite and vessel-tracking data showed Saudi oil shipments through Hormuz averaging around 2.9 million barrels per day over the six days cited, compared to approximately 700,000 barrels per day in August.