Event
Crude oil and gasoline prices declined on signs that Middle East supply disruptions are easing. Saudi Arabia announced it seeks to restore approximately half the capacity of its East-West pipeline within days following a shutdown caused by drone strikes. The 750-mile pipeline, which carries 7 million barrels per day, had been closed as a precaution after attacks by Houthi rebels. Additionally, US Energy Secretary Chris Wright noted that 18 million barrels of crude oil and refined products passed through the Strait of Hormuz on Tuesday, further alleviating global supply concerns.
2 published stories · markets · source reliability 33%
Oil benchmarks declined on Thursday as Riyadh signalled a partial reopening of a key supply route, while US data confirmed robust transit through the Strait of Hormuz.
Background
Global crude oil and gasoline prices declined on Thursday as market participants reacted to signs that supply disruptions in the Middle East are easing. Saudi Arabia announced plans to restore approximately half the capacity of its 750-mile East-West pipeline within days, following a precautionary shutdown caused by Houthi drone strikes. The pipeline, which carries 7 million barrels per day, had been closed late last Friday. Additionally, US Energy Secretary Chris Wright confirmed that 18 million barrels of crude oil and refined products passed through the Strait of Hormuz on Tuesday, further alleviating global supply concerns.
Global crude oil and gasoline prices declined on Thursday as market participants reacted to signs that supply disruptions in the Middle East are easing. Saudi Arabia announced plans to restore approximately half the capacity of its 750-mile East-West pipeline within days, followi
Fact cards
Key entities: Saudi Arabia, Houthi rebels, US Energy Department, Saudi Aramco, WTI, RBOB, EIA.
What is the capacity of the East-West pipeline? The pipeline carries 7 million barrels per day. Why was the East-West pipeline closed? It was closed as a precaution following drone strikes by Houthi rebels. How much oil passed through the Strait of Hormuz on Tuesday? 18 million b
Yahoo Finance | https://www.barchart.com/story/news/4661606/crude-prices-fall-as-saudi-arabia-seeks-to-restore-east-west-pipeline | published 2026-09-17T15:31:12.000Z | primary source | Yahoo Finance | https://www.barchart.com/story/news/4641970/crude-oil-prices-sharply-lower-as-
2026-08-31: Saudi Arabia’s crude production fell to 6.238 million barrels per day, the lowest since 1990. 2026-09-11: The East-West pipeline was closed as a precaution following attacks by Houthi rebels. 2026-09-15: US Energy Secretary Chris Wright noted that 18 million barrels o
Timeline
Saudi Arabia’s crude production fell to 6.238 million barrels per day, the lowest since 1990.
The East-West pipeline was closed as a precaution following attacks by Houthi rebels.
US Energy Secretary Chris Wright noted that 18 million barrels of crude oil and refined products passed through the Strait of Hormuz.
WTI crude futures fell 3.21 per cent as Middle East supply fears eased.
Saudi Arabia announced it seeks to restore approximately half the capacity of the East-West pipeline within days.
FAQ
The pipeline carries 7 million barrels per day.
It was closed as a precaution following drone strikes by Houthi rebels.
18 million barrels of crude oil and refined products passed through the strait.
Saudi Arabia aims to restore approximately half the pipeline's capacity within days.
Prices dropped due to easing supply concerns in the Middle East, specifically the transit of 18 million barrels through the Strait of Hormuz and Saudi Arabia’s pipeline restoration plans.
US crude inventories fell by 640,000 barrels, less than expected, while gasoline and distillate supplies rose unexpectedly.
The US dollar index rallied to a 1.5-month high, which contributed to lower energy prices.