[International Oil Prices] Fall by Around 3% as Saudi Arabia Resumes Red Sea Exports

[Financial News]  

Global oil prices turned lower on the 29th (local time). Reports that Saudi Arabia had resumed operations of the East-West Pipeline and begun loading crude at Yanbu Port for the second consecutive day helped stabilize the market.
After sharply paring its gains from the previous day's surge, oil finished the session down by around 3%.
Brent crude for November delivery, the global oil price benchmark, closed at $102.59 per barrel, down 2.6% from the previous session.
West Texas Intermediate (WTI) crude for November plunged 3.5% to $89.38 per barrel.
Kpler, a maritime intelligence provider, said in an analysis note that satellite imagery confirmed, "Operations at the Yanbu and Mu'ajjiz terminals have mostly recovered."
According to Kpler, nine tankers loaded a total of 12.5 million barrels of crude at Yanbu Port from the 26th to the 28th. Oil prices, which surged after the East-West Pipeline was shut down following a drone strike on the 10th, are also stabilizing.
Meanwhile, the United States and Iran resumed negotiations through a mediator the previous day. The talks are an attempt to end the war, which has continued for seven months, but the sides have been unable to narrow their differences. Markets are watching the negotiations anxiously.
However, shipping traffic through the Strait of Hormuz has become more active as Iran's influence has weakened. According to Kpler, crude shipments through the Strait of Hormuz reached 13.2 million barrels per day based on a seven-day moving average. That represents a recovery to 77% of the prewar level of 17 million barrels per day.
The U.S. military is escorting tankers from its Gulf allies through the Strait of Hormuz while controlling Iranian vessels.

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