Saudi Pipeline Restoration Eases Oil Price Pressure

Oil prices are falling for a second consecutive session as Saudi Arabia plans to gradually restore operations of the critical East-West pipeline. The Brent crude oil price is trading below $104 a barrel, down 1.75% from Thursday morning's opening.

The pipeline was damaged by drone attacks last week and will take approximately six weeks to fully restore its operations. In the meantime, Saudi Arabia plans to bring about half of its capacity back online within the next few days.

Increased oil flows through the Strait of Hormuz are also easing concerns about global supply. U.S. Energy Secretary Chris Wright said that around 18 million barrels of crude oil and petroleum products passed through the strait earlier this week.