Oil Prices Rise as Saudi Arabia Restores Red Sea Exports

Oil prices extended gains as a U.S.-Iran stalemate overshadowed Saudi Arabia's resumption of crude loadings at the Red Sea port of Yanbu, easing some supply concerns but leaving geopolitical risks intact. Saudi Arabia restarted loadings at Yanbu after its East-West pipeline resumed partial service, following a two-week shutdown from drone attacks on September 10. Full flows of about 4 million barrels per day may take weeks, though loadings have reached roughly 2 million bpd since last week. Satellite data showed nearly 10 million barrels loaded at Yanbu and Al Muajjiz on Sunday, with Middle East exports rebounding to about 12.8 million bpd in September. However, Houthi threats to Saudi tankers in the Red Sea remain a key risk.