Oil up after Saudi Arabia restarts exports amid Hormuz tensions
Oil prices nudged higher on Wednesday after Saudi Arabia managed to restart some exports, even as tensions around the Strait of Hormuz continue.
Brent crude rose 1% to $103.64 a barrel, and US WTI climbed 0.9% to $90.21 a barrel, bouncing back a bit after both dropped earlier this week.
East-West pipeline restores 3.5 million bpd
To get around the risky Strait of Hormuz, Saudi Arabia is now using its East-West Pipeline from Yanbu, with flows restored to at least 3.5 million barrels per day, around half of its total capacity, and nearly 10 million barrels of crude were being loaded at Yanbu and the nearby Al Muajjiz terminal.
While this helps steady supply for now, ongoing uncertainty in the region is still keeping oil prices on edge.
No breakthrough in Qatar-led talks
Efforts led by Qatar to ease tensions and reopen the Strait haven't worked out yet, mainly because the talks have not yet produced a breakthrough.
So for now, global oil markets are staying jumpy, even with Saudi Arabia's pipeline detour in play.