Brent crude prices remained above $100 a barrel on Wednesday, as uncertainty over the reopening of the Strait of Hormuz offset signs of recovering Saudi oil exports amid the ongoing US-Iran conflict.
Brent was up 0.31% at $102.90 a barrel, while WTI crude was down 0.1% at $89.28, according to Bloomberg. Prices had fallen sharply on Tuesday, with Brent closing 2.6% lower at $102.59 and WTI down around 3.5% at $89.38.
Satellite imagery showed a “major operational recovery” at Saudi Arabia’s Yanbu and Muajjiz terminals, according to Kpler. Around 12.5 million barrels were loaded onto nine tankers at Yanbu between Saturday and Monday.
Exports had been disrupted following a drone attack on the East-West pipeline earlier this month.
Flows have since reportedly recovered to around 3.5 million barrels per day, against the pipeline’s 7 million-barrel daily capacity.
The Strait of Hormuz continues to drive market uncertainty.
Oil flows through the waterway have recovered to a seven-day average of 13.2 million barrels per day, or about 77% of pre-war levels, Kpler data showed.
Iran had proposed reopening the strait within seven days under certain conditions, but US President Donald Trump rejected the proposal.
Meanwhile, US and Iranian officials have continued indirect talks through mediators.
Despite improving supply flows, prolonged conflict and ongoing disruptions continue to support crude prices and keep the market sensitive to developments around Hormuz.
