Oil stabilizes as regional supply rebounds
Oil prices stabilized after experiencing the largest decline in over a week, amid signs of increased Middle Eastern supply returning to pre-war levels, especially after Saudi Arabia resumed oil flows through the East-West pipeline at a rate of up to 3.5 million barrels per day, roughly half its capacity. Data shows that regional oil exports over the past ten days have returned to an average of 17.5 million barrels per day, reaching 98% of pre-war levels, which alleviates concerns about supply shortages. However, geopolitical tensions and potential restrictions on diesel exports continue to threaten the oil markets, as prices remain high amid an unstable global situation.
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