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Recent attacks on Aramco\u2019s pipeline prompted higher Saudi oil exports via the Strait of Hormuz after disruptions at the port of Yanbu. Credit: GreenOak\/Shutterstock.com.<\/p>\n
Oil prices declined to their lowest levels in more than a week on Monday 21 September, as market participants looked to the upcoming United Nations General Assembly (UNGA) for potential diplomatic progress related to the Iran war.<\/p>\n
At 08:59 GMT, November Brent crude futures had dropped by $2.12, or 2%, to $101.75 per barrel (bbl), reported Reuters<\/a>.<\/p>\n \n\t\t\t\t\t\tCombine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.\n\t\t\t\t\t<\/p>\n Meanwhile, US West Texas Intermediate\u2019s (WTI) October contract decreased by $1.96, or 2%, to $98.34\/bbl. The November \u2060contract is priced at $94.16.<\/p>\n The drop in prices came as investors responded to hopes that the UN meeting in New York could open channels for negotiation between Iran and the US.<\/p>\n Despite new threats traded by both nations over the weekend, US President Donald Trump indicated willingness to meet Iran\u2019s President Masoud Pezeshkian during the assembly.<\/p>\n Over the weekend, Yemen\u2019s Houthis reported strikes on sensitive locations in Riyadh, including an Aramco facility in Yanbu, a significant Saudi oil export port.<\/p>\n Iran\u2019s Revolutionary Guards, via spokesman Hossein Mohebbi, said new weaponry would be used and new targets struck in response to any US offensive.<\/p>\n Meanwhile, China approached Iran for assistance in restraining the Houthis, following an appeal from Saudi Arabia, according to Iranian sources.<\/p>\n The recent attacks on Aramco\u2019s East-West pipeline led to increased Saudi oil exports through the Strait of Hormuz after disruptions at Yanbu.<\/p>\n On Friday, Bloomberg News reported that Aramco had informed at least two European customers it would not supply crude oil next month, said Reuters<\/a>.<\/p>\n Some European refiners, such as Poland\u2019s Orlen, sought alternatives by purchasing North Sea crude.<\/p>\n Separately, Aramco has increased Gulf shipments via ship-to-ship transfers off Oman\u2019s Sohar port to offset lost Red Sea volumes.<\/p>\n Meanwhile, tensions escalated in Russia as Ukraine launched what authorities described as the largest drone attack on Moscow\u2019s region to date, reported<\/a> Reuters.<\/p>\n The incident killed three people and damaged part of a refinery in the Russian capital.<\/p>\n Moscow Mayor Sergei Sobyanin reported that more than 1,600 drones had been downed since Saturday, with 450 targeting Moscow.<\/p>\n Continued Ukrainian strikes have affected a significant portion of Russia\u2019s oil refining capacity, resulting in shortages, price rises and queues at filling stations across several regions.<\/p>\n The Moscow refinery processed 11.6 million tonnes (mt) of oil in 2024, producing 2.9mt of petrol and 3.2mt of diesel, according to the latest data.<\/p>\n![\"\"\/](\"https:\/\/www.offshore-technology.com\/wp-content\/themes\/goodlife-wp-B2B\/assets\/img\/globaldata_marketing_solutions_logo.svg\"){kind=logo}
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