Saudi Arabia Eases Oil Prices by Rerouting Crude via Oman as Hormuz Traffic Stays in Single Digits

According to a report by Oilprice.com journalist Irina Slav published early Thursday, September 17, 2026 (Shahrivar 26, 1405), global oil prices eased after reports that Saudi Arabia is exporting more crude via Oman while repairing its East-West pipeline. At the time of the report, Brent crude traded at 105.89 dollars per barrel and West Texas Intermediate at 102.39 dollars, down from earlier in the week when Brent briefly topped 108 dollars and WTI spiked above 103 dollars, following Houthi drone strikes on the pipeline that halted exports from the Red Sea port of Yanbu. Citing data from oil analytics firm Kpler, the report said storage at Yanbu port has fallen below 15 million barrels, down from near 21 million in July, enough to cover only a few days of exports at the current rate of 3.5 million barrels a day. Saudi Arabia said it is rerouting some crude through ship to ship transfers in the Gulf of Oman to avoid the Strait of Hormuz, a move Oilprice.com said calmed traders somewhat. Tanker traffic through the Strait of Hormuz, however, remains in the single digits, with the latest attack on a vessel in the waterway occurring just a few days earlier.