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Oil drops as Saudi shifts exports
Oil prices declined after Saudi Arabia directed some of its exports through the Strait of Hormuz to compensate for the main pipeline's outage following a drone attack. Brent crude dropped by 2.6% to $103.05 per barrel, while U.S. West Texas Intermediate fell approximately 1.8% to $100.55, despite remaining 17% higher this month. Saudi Arabia has diverted additional shipments via maritime routes through the Gulf of Oman to avoid targeted attacks, with expectations of a roughly 400,000 barrel per day decrease in exports in September. The risks are expected to persist if attacks continue or if repairs are extended.
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