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Thursday, 12 November 2026dailybeirut.com
Economy
Oil prices declined Wednesday after Saudi Arabia resumed crude shipments via its East-West Pipeline to the Red Sea, while diplomatic efforts between the U.S. and Iran in New York raised hopes for de-escalation.
Crude oil prices dropped on Wednesday following Saudi Arabia’s resumption of crude deliveries through its critical East-West Pipeline to the Red Sea. The move coincided with renewed diplomatic engagement between the United States and Iran, including talks underway at the United Nations in New York aimed at resolving their ongoing conflict.
By 01:19 GMT, Brent crude futures fell seven cents—or 0.07%—to $99.18 per barrel. West Texas Intermediate (WTI) futures declined 35 cents, or 0.39%, to $90.17 per barrel.
The decline followed Tuesday’s settlement, when Brent closed below $100 per barrel for the first time since September 8—a shift driven by improving supply expectations and growing momentum toward a diplomatic resolution of the nearly seven-month-long conflict.
Three informed sources confirmed that Saudi Arabia restarted operations on its East-West Pipeline on Tuesday. The pipeline had been shut down since September 11 after drone attacks disrupted loading operations at the Yanbu port.
Analyst Tim Waterer, chief analyst at KCM Trade, observed: “The market is now viewing global oil supply prospects more positively than it did just a few weeks ago.” He added: “The U.S.-Iran delegation meeting in New York has given traders a glimmer of hope—even amid continued sharp rhetoric, including annihilation threats—the market is banking on the possibility of negotiations.”
On Tuesday, U.S. President Donald Trump warned he might “annihilate” Iran but also stated that envoys Steve Witkoff and Jared Kushner had held “productive talks” with Iranian intermediaries to end the war. “I believe there is significant momentum toward reaching an agreement,” he said.
In parallel, U.S. energy markets experienced a sharp and unexpected shift, with the national average retail diesel price surpassing $6.50 per gallon—igniting political concern in Washington and eroding Trump’s popularity, according to reporting by 24 News.
