Oil Prices Drop as Saudi Arabia Reroutes Crude Exports via Oman
Crude oil prices fell on September 17, 2026, after reports that Saudi Arabia is rerouting crude exports through the Gulf of Oman while repairing its East-West pipeline. At the time, Brent crude was trading at $105.89 per barrel and West Texas Intermediate (WTI) at $102.39 per barrel. Earlier in the week, prices had risen due to Houthi attacks on Saudi energy infrastructure, including the critical East-West pipeline that supplies oil from Yanbu port. The attack led to a shutdown of the pipeline and raised concerns about supply security, especially as stored crude at Yanbu dropped below 15 million barrels—enough for only several days' worth of exports. However, traders were reassured by Saudi Arabia's plan to redirect shipments through Persian Gulf ports using ship-to-ship transfers in Oman, avoiding the Strait of Hormuz. The Strait remains blocked due to recent attacks on shipping vessels, with tanker traffic rates remaining low.
Topics: Houthi attacks oil prices Oman pipeline repair Saudi Arabia