Saudi pipeline repair and Hormuz traffic uptick ease oil prices

Saudi Arabia's East-West pipeline remains offline following a drone attack, leading Saudi Aramco to cancel all October crude allocations to European refiners. This disruption has reduced tanker traffic through the Strait of Hormuz and intensified supply pressure on Asian markets, though Saudi Arabia is attempting to reroute some crude via STS transfers. The duration of the pipeline outage and the full extent of global supply impacts remain uncertain.