Saudi Pipeline Restart Sends Oil Prices Lower

The price of oil is back on the decline after Saudi Arabia announced plans to restart its East-West pipeline, which was damaged by Houthi attacks earlier this month.

The disruption of the pipeline had accelerated the rise in oil and gas prices globally, with the national average price of gasoline in the United States reaching $4.48 per gallon on Tuesday, a 50% increase since the war started on February 28, according to AAA.

Brent crude, the international benchmark, dropped by 2% to about $98 per barrel after news of the pipeline's restart was announced, while West Texas Intermediate crude oil hovered around $90 per barrel.