Global Footer BannerSponsored

Read the market story
Oil Falls as Saudi Arabia Reroutes Crude Around Pipeline Disruption
Vera
By Vera
Markets Editor
OilOil refers to a globally traded energy commodity whose price is shaped by supply, demand, inventories, geopolitics, and economic activity. The term belongs in Level 7 because it...Read More extended its decline as Saudi Arabia offered additional crude to Asian refiners through ship-to-ship transfers off Oman, easing concern over disruption to its East–West Pipeline and Yanbu export hub. Reuters reported Brent down 1.03% at $104.74 and WTI down 0.81% at $101.60 at 08:01 UTC. U.S. Energy Secretary Chris Wright said flows could resume within days, but Saudi Arabia had not issued a restart timetable. Diesel markets remained tight, with European gasoil and U.S. ULSD recently settling at record highs.

Oil prices extended their decline after Saudi Arabia offered extra crude to Asian refiners through ship-to-ship transfers near Oman, helping ease fears of supply disruption linked to the East–West Pipeline and Yanbu export hub. Brent fell 1.03% to $104.74, while WTI slipped 0.81% to $101.60 at 08:01 UTC, according to Reuters. U.S. Energy Secretary Chris Wright said flows could restart within days, although Saudi Arabia has not confirmed a timetable. Meanwhile, diesel markets stayed tight, with European gasoil and U.S. ULSD recently reaching record-high settlement levels amid broader supply uncertainty.

New to Markets?
What Happened
    Why It Matters
      The Number
      The Trap
      Vera's Take
      Point?
      Watch Next
      Related Instruments
      Sources
      Sponsored
      Disclaimer: This content is for educational and informational purposes only. It does not constitute investment advice, financial advice, or a recommendation to buy or sell any security. Past performance is not indicative of future results. Trading forex and CFDs involves substantial risk of loss. Always consult a qualified financial advisor before making investment decisions.