Saudi Pipeline Restart Triggers Oil Price Rout

Oil prices are on track for their longest losing streak in over a year as Saudi Arabia moves to restart its critical East-West pipeline. This development comes amid ongoing talks between the US and Iran aimed at ending the conflict that has rocked the Middle East.

Brent crude is currently trading near $98 per barrel, having dropped for six consecutive days. This marks a decline of over 9% since the slump began, putting it on course to be the longest losing run for the benchmark since August 2025.

The West Texas Intermediate (WTI) November contract has also fallen below $90 per barrel. Saudi Arabia's efforts to restore oil exports via its East-West pipeline are expected to enable the country to bypass the Strait of Hormuz, a key waterway in the region.