Saudi Pipeline Restart Sparks Oil Market Selloff

Saudi Arabia has restarted operations at its East-West Pipeline after drone attacks forced it to shut down on September 13, halting crude loadings at Yanbu port.

The resumption of supplies helped drive selling on global oil markets, with Brent crude futures falling by more than $2 a barrel to its lowest since September 8.

Since the disruption to oil flows through the Strait of Hormuz following the US-Israeli war on Iran, OPEC's leading oil exporter has been using the pipeline to reroute around 4 million barrels per day - approximately 4% of global supply - to Yanbu.