Saudi Pipeline Restart Pushes Oil Prices Down Amid Global Market Uncertainty

Saudi Arabia's East-West oil pipeline has partially restarted after being shut down following a drone attack on September 11. The pipeline, which is currently operating at a low rate, will reach about 40% of its capacity within several days and is expected to be fully operational in six to eight weeks.

The pipeline's shutdown had significant implications for the global oil market, with Saudi Arabia using it to reroute around 4 million barrels of crude per day to the Red Sea port of Yanbu. This accounted for roughly 4% of the world's oil supply, and its disruption contributed to a rise in Brent crude prices.

However, news of the pipeline's restart has helped push global oil prices lower, with Brent crude falling by more than $2 to around $97 a barrel on Tuesday.