Saudi oil routes draw focus as Brent heads for a weekly rise

Oilprice.com reported on September 25 that Brent crude traded at $105.65 per barrel, up from about $102 on Monday and on pace for a weekly gain. West Texas Intermediate stood at $93.11, compared with roughly $98 at the start of the week. Both benchmarks were below the prior day’s close when the article was written, but their weekly movements differed as markets assessed Middle Eastern oil flows.

The Houthi movement said it had launched missiles and drones at targets in Saudi Arabia, including Yanbu, a major crude export terminal on the Red Sea. The claims brought renewed attention to Saudi oil export routes. Guardian Energy Partners has also covered the East-West pipeline’s role in moving Saudi crude to the Red Sea without passing through the Strait of Hormuz.

Oilprice.com also described reported U.S.-Iran ceasefire discussions that could include reopening the Strait of Hormuz in exchange for lifting the U.S. naval blockade on Iran. Sparta Commodities analyst June Goh expected oil prices to remain above $100 per barrel under current conditions, while KCM Trade analyst Tim Waterer said diplomatic efforts provided a counterweight to further price gains. Export access and the outcome of those talks remain central to the near-term oil price outlook.

Source: Oilprice.com

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