Brent Slips Below $105 as Saudi Arabia Reroutes Crude
Created on
Last updated
Brent crude fell below the $105 mark after Saudi Aramco redirected its export flows entirely through the Persian Gulf, unwinding last week's panic over the 7 million b/d East-West pipeline outage. The kingdom is now pushing roughly 60 million barrels back through Gulf terminals to compensate for the damaged link.
The move tempers near-term supply fear, though Ras Tanura loadings still carry exposure to potential Iranian drone strikes within the Strait. Traders are treating the pullback as a pause rather than a resolution, keeping volatility elevated across the crude complex.
Zero October allocations to European term buyers add a fresh complication, suggesting the pricing relief may be regional rather than global in scope.