Oil prices dip after Saudi Arabia boosts East West pipeline
Business
Oil prices just took a dip after Saudi Arabia ramped up its East-West pipeline, which means more oil is flowing and markets are reacting fast.
Brent crude is now around $103 a barrel, and WTI sits near $90 a barrel.
Even with U.S.-Iran tensions in the background, oil shipments through the crucial Strait of Hormuz are still moving.
Half pipeline capacity eases market concerns
Saudi Arabia restoring about half of the East-West pipeline's capacity is helping ease worries about supply disruptions.
This steady flow is keeping things stable for now, despite all the geopolitical noise.
As Ole Hansen, head of commodity strategy at Saxo Bank, puts it, these moves by Saudi's western port are really helping to keep market jitters in check.