Oil Extends Drop as Saudi Arabia Moves to Restore Vital Pipeline
Oil prices extended their decline on signs that Middle East supply disruptions are easing, with Saudi Arabia seeking to restore about half the capacity of its East-West pipeline within days. Brent traded near $102 a barrel after losing 2.7% on Wednesday, while West Texas Intermediate was below $100. Prices fell further after Reuters reported that China had asked Iran to help rein in the Houthis.
Why it matters: This matters for the energy security theme because it shows how supply disruptions and their partial restoration in the Middle East remain a central driver of global oil price volatility.