Brent crude futures fell more than $2 a barrel as Saudi Aramco restarted the East-West Pipeline, restoring a vital export route that had been offline since mid-September due to drone attacks.
Saudi Arabia has resumed operations at its critical East-West Pipeline following a drone attack that halted crude loadings at Yanbu port on September 13. The restoration of supply, which accounts for approximately 4% of global output, triggered a sell-off in oil markets as Brent futures dropped to their lowest level since September 8.
The pipeline is a vital infrastructure asset that reroutes approximately 4% of global oil supply. Its return to service eases supply concerns that had been heightened since the September 13 drone attacks.