7 Hrs
Source:
الاقتصادية
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Oil falls as Gulf supplies rise
Oil prices declined after nearly a 4% increase on Wednesday, due to signs of increased crude flows through the Strait of Hormuz, despite navigation risks. The United States stated that approximately 17 million barrels per day sometimes pass through the strait, although other estimates are lower. Meanwhile, the market is awaiting details on Saudi Arabia’s resumption of oil exports via the East-West pipeline after its previous suspension due to attacks, serving as an alternative to shipping through Hormuz amid ongoing threats. The recovery of Gulf supplies and growing hopes for a diplomatic breakthrough between Washington and Tehran led to a decrease in oil prices, as regional tensions and their impacts on markets persisted.
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