Saudi Pipeline Restart Trims Oil Price Gains Amid Ongoing Tensions

Crude oil prices had surged to over $96 per barrel on Monday, but have since trimmed their gains to below $93 amid reports that Saudi Arabia has restored flows through its critical East-West pipeline.

The pipeline, which was shut down earlier this month after sustaining damage in a drone strike launched from Iraq, is now flowing at around 3.5 million barrels per day.

This news came as US President Donald Trump expressed openness to sanctions relief for Iran and the release of frozen funds if concrete progress is made toward a nuclear deal.

However, Trump rejected Iran's conditional offer to reopen the Strait of Hormuz and told aides he expects US strikes on the country to resume after November's midterm elections.