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WTI, Brent, Middle East
cnbc.com • • world
Key Points:
- Oil prices declined on Thursday as Saudi Arabia rerouted some crude exports through the Strait of Hormuz to offset the closure of a key pipeline, reducing concerns over a major supply disruption.
- Brent crude fell $1.01 to $104.82 per barrel, while U.S. West Texas Intermediate dropped 52 cents to $101.91, despite gains earlier in the week and month.
- Saudi Arabia is increasing crude shipments to Asia via ship-to-ship transfers near Oman's Sohar port, enabling tankers to avoid navigating the high-risk Strait of Hormuz directly.
- The East-West pipeline closure, caused by a drone attack, has temporarily halted exports from the Red Sea terminal at Yanbu, though U.S. officials describe the disruption as brief, while analysts warn repairs could take longer.
- Experts caution that if the pipeline outage persists or if regional proxy groups escalate attacks, the risk of a significant disruption to Saudi oil exports remains elevated.
