- Brent crude oil prices remained above $100 amid Strait of Hormuz reopening uncertainty
- Brent crude was trading at $102.90 a barrel, WTI crude at $89.28, per Bloomberg data
- Saudi Arabia's crude exports from Red Sea ports showed recovery after pipeline attack
Brent Crude Oil Price Today: Brent crude prices were little changed on Wednesday, remaining above the $100-a-barrel mark as uncertainty over the reopening of the Strait of Hormuz continued amid the ongoing US-Iran war.
Last checked, Brent crude was trading 0.31% higher at $102.90 a barrel, while WTI Crude was trading 0.1% lower at $89.28 a barrel according to Bloomberg.
Oil prices had fallen sharply on Tuesday after Saudi Arabia's crude exports from its Red Sea ports showed signs of recovery following an attack on a key pipeline earlier this month. Brent crude futures fell 2.6% to close at $102.59 a barrel, while US West Texas Intermediate futures declined around 3.5% to $89.38.
Saudi Arabia Supply Recovers
Satellite imagery has confirmed a “major operational recovery” at the Yanbu and Muajjiz terminals, according to a Kpler note published Tuesday.
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A total of 12.5 million barrels were loaded onto nine tankers at Yanbu between Saturday and Monday, according to Kpler. Exports from Yanbu had been disrupted by a drone attack on Saudi Arabia's East-West pipeline earlier this month, raising concerns over another major hit to global oil supplies.
Riyadh has since restored flows through the pipeline to around 3.5 million barrels per day, people familiar with the matter told The Wall Street Journal and Bloomberg News on Monday. The pipeline has a maximum capacity of 7 million barrels per day.
Strait Of Hormuz Remains Key Oil Market Focus
Meanwhile, US and Iranian officials spoke to mediators on Monday as they seek to negotiate a deal to end the seven-month-long conflict.
Iran offered last week to reopen the Strait of Hormuz in seven days if the US commits to the conditions of the failed June memorandum of understanding. However, President Donald Trump rejected Tehran's proposal on Saturday as oil exports through Hormuz recover.
Oil flows through the Strait of Hormuz have reached a seven-day average of 13.2 million barrels per day, according to Kpler data. That is 77% of the 17 million barrels per day that transited the waterway before the US-Iran war.
The US military is providing protection to tankers from its Gulf allies while maintaining a blockade against Iran's exports.
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