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2026-09-17 20:26:10
[Middle East Supply Disruptions May Ease, Oil Prices Continue to Fall] (1) Oil prices continued to fall as signs emerged that the Middle East supply disruptions might ease, with Saudi Arabia seeking to restore some capacity on a key pipeline. (2) Brent crude fell 2.7% on Wednesday and is currently trading around $102 per barrel; West Texas Intermediate crude fell below $100. (3) Saudi Arabia plans to restore about half of the pipeline's capacity within days after it was shut down last week following a drone attack. Meanwhile, Saudi Arabia has sold more crude to Asian refiners, with delivery available at locations outside the Strait of Hormuz. (4) Risks remain: the US-Iran conflict is impacting Middle East energy flows, and the Russia-Ukraine conflict continues. (5) Traders are also closely watching the Houthi rebels in Yemen, who are advancing toward the crucial Bab el-Mandeb Strait at the southern end of the Red Sea and continuing to attack Saudi oil facilities and shipping assets. Oil prices fell further on Thursday due to reports of a ceasefire. (6) Arne Roman Rasmussen, chief analyst at Copenhagen Global Risk Management, said: “The partial resumption of operation of the East-West pipeline, coupled with the ship-to-ship transshipment of Saudi crude oil through the Strait of Hormuz, is a short-term negative factor for crude oil. However, as long as the Houthi conflict continues, it will be difficult for the market to relax.”
