Saudi Pipeline Restored: Oil Prices Plummet Below $100

Oil prices dropped on Tuesday after Saudi Arabia restored crude oil flows following the reopening of its East-West pipeline network and increased vessel traffic through the Strait of Hormuz.

The Brent price fell by 2.03% to USD 98.30 per barrel, while US crude or West Texas Intermediate (WTI) decreased by 0.6% to USD 94.59 per barrel.

Before the US-Iran war began in late February, around 20% of global oil supplies passed through the Strait of Hormuz.