Saudi Arabia successfully restored operations of its East-West pipeline, capable of transporting approximately 7 million barrels per day, easing supply concerns in the global oil market. This pipeline, which bypasses the Strait of Hormuz, had seen operations halted by attacks threatening up to 4% of global oil supply. The resumption of activities has resulted in softened crude oil prices. Market participants now forecast a reduced likelihood of crude oil reaching a new all-time high by September 30, with odds standing at 1.3% YES.
Source: Read the original article
