Oil drops 3% on Saudi exports
Oil prices fell by about 3%, with Brent crude dropping to $101.98 per barrel and West Texas Intermediate to $99.43, following Saudi Arabia's decision to supply additional shipments of crude via Oman to soothe fears over the potential shutdown of the East-West pipeline that supplies Yanbu port. This move impacted the market despite prices remaining above $100. Analysts explained that ongoing tensions due to attacks on two pumping stations and the lack of a clear timeline for resuming operations continue to exert pressure on the market. They also expect Brent prices to stabilize between $85 and $95 during the fourth quarter, driven by diesel supply shortages and energy disruptions in the Middle East and Russia.
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