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Oil falls amid Saudi supply boost
Oil prices temporarily declined after an increase in Saudi crude flows through the East-West pipeline and the restart of ship traffic through the Strait of Hormuz, through which approximately 20% of global oil supplies passed before the US-Iran escalation in February. Markets experienced fluctuations following US President Trump's statements about the possibility of reaching a peace agreement, along with ongoing tensions in the region that impact global oil supplies. Saudi flows through the strait increased to around 2.9 million barrels per day, while an Iranian official indicated that the strait could be reopened within seven days if the United States lifts the sanctions. Oil prices remain close to their current levels amid ongoing concerns about potential supply disruptions in the region.
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