
Brent Falls to $104.59 as Saudi's Oman Reroute Eases
Saudi Arabia's move to ship extra crude to Asia via Oman's Sohar port pulled Brent off the highs it hit after a Sept. 13 vessel attack in the Strait of Hormuz and drone strikes shut the kingdom's East-West pipeline.
Brent crude fell 1.2% to $104.59 a barrel by 00:49 GMT on Thursday, Sept. 17, after Saudi Arabia began rerouting extra crude to Asian refiners via Oman's Sohar port. The move eases, but does not resolve, the supply risk from a Sept. 13 Hormuz vessel attack and drone strikes that shut the kingdom's East-West pipeline days earlier.
The Gulf Tape Desk · 4 min read- Brent fell $1.24 (1.2%) to $104.59/bbl and WTI fell $1.14 (1.1%) to $101.29 by 00:49 GMT Thursday, Sept. 17, as Saudi Arabia's Oman reroute eased supply-disruption fears (Economy Middle East).
- A Sept. 13 attack on a vessel in the Strait of Hormuz killed one crew member and cut the strait's crude flow to roughly 7 million bpd from about 20 million before the conflict, per Euronews, which did not name an attacker.
- Drone strikes forced Saudi Arabia to shut its East-West pipeline that same week, driving Brent above $108 and WTI above $103 on Sept. 14 (Euronews).
- The Tadawul All Share Index fell 1.28% to 10,866.21 in the attacks' immediate aftermath, with Aramco, Ma'aden and ACWA Power all lower, per ts2.tech — figures that predate Thursday and do not show whether the risk premium has since eased.
- No source reviewed here identifies who carried out either attack or when the pipeline resumes full service; treat specific perpetrator or repair-date claims made elsewhere as unconfirmed.
Brent crude fell $1.24, or 1.2%, to $104.59 a barrel by 00:49 GMT on Thursday, and U.S. WTI dropped $1.14, or 1.1%, to $101.29, after Saudi Arabia began offering additional crude cargoes to Asian refiners through ship-to-ship transfers off Oman's Sohar port, according to Economy Middle East. The reroute follows a rough week for Gulf supply: a Sept. 13 attack on a vessel in the Strait of Hormuz and drone strikes on Saudi Arabia's East-West pipeline had already pushed Brent past $108 and cut the strait's crude throughput by roughly two-thirds, per Euronews.
The Oman Workaround
Saudi Arabia's move to load extra volumes onto tankers via ship-to-ship transfers off Oman's Sohar port gives Saudi Aramco an export channel that does not depend on the East-West pipeline, according to Economy Middle East's Thursday report. The line was "temporarily closed after drone attacks," Saudi Arabia said, per Euronews's Sept. 14 report, which did not attribute the strikes to any named party. Neither Economy Middle East nor Euronews gives a restart date for the pipeline, and no primary source reviewed for this piece specifies one.
The Hormuz Attack, By the Numbers
A merchant vessel was struck in the Strait of Hormuz on Sept. 13, killing one crew member, Euronews reported, citing Iranian authorities; the outlet did not identify an attacker. Euronews put crude flows through the strait at roughly 7 million barrels a day, down from about 20 million before the current conflict — a two-thirds drop that helps explain why Gulf oil and equities are trading on chokepoint headlines rather than spare-capacity data. Brent gained more than 3% to cross $108 a barrel that day, and WTI rose more than 3% to around $103, Euronews said.
Tadawul Priced the Risk First
Saudi equities moved before Thursday's oil pullback: the Tadawul All Share Index fell 1.28% to 10,866.21 in the attacks' immediate aftermath, with Saudi Aramco down 1.1% and Ma'aden and ACWA Power down roughly 2.7% to 2.8%, according to ts2.tech. Those figures predate Thursday's Brent retracement and are not evidence the risk premium has since cleared; they show Riyadh-listed energy, materials and utility names carrying direct, sourced exposure to pipeline and Hormuz headlines.
What's Still Unconfirmed
Two points get asserted elsewhere as fact but are not established in the origins reviewed for this piece: who carried out the drone strikes on the East-West pipeline or the vessel attack in the Strait of Hormuz, and when Saudi Aramco expects the pipeline back at full throughput. Economy Middle East, Euronews and CNBC's Sept. 14 report — filed under CNBC's "Iran war" coverage, with satellite imagery of the pipeline damage — describe the disruption and its market impact without naming a perpetrator or a repair date.
- Why did oil prices fall on Thursday, Sept. 17?
- Saudi Arabia began offering Asian refiners extra crude via ship-to-ship transfers off Oman's Sohar port, easing fears of a deeper supply disruption after the East-West pipeline shutdown, according to Economy Middle East.
- What happened in the Strait of Hormuz?
- A merchant vessel was struck on Sept. 13, killing one crew member, and crude flows through the strait fell to roughly 7 million barrels a day from about 20 million before the conflict, Euronews reported, citing Iranian authorities; no attacker was named.
- How did Saudi equities react to the pipeline attack?
- The Tadawul All Share Index fell 1.28% to 10,866.21, with Saudi Aramco down 1.1% and Ma'aden and ACWA Power down roughly 2.7% to 2.8%, according to ts2.tech.
- Is it confirmed who is behind the attacks?
- No. Economy Middle East, Euronews and CNBC's Sept. 14 reporting describe the pipeline and vessel strikes and their market impact without attributing responsibility to any named party.
- Oil prices fall 1.2 percent as Saudi crude via Oman eases supply fears, Brent hits $104.59 — Economy Middle East
- Oil surges past $108 as Hormuz attack and Saudi pipeline shutdown rattle markets — Euronews
- Iran war: Satellite images show extent of damage to East-West pipeline — CNBC
- Saudi Stocks Slide 1.3% After Pipeline Attacks, With ACWA Power and Ma'aden Lagging — ts2.tech