Oil prices steady as Saudi Arabia races to fix pipeline

📡 Bloomberg Markets yesterday · 1 min read ·

Part of composite article Saudi Arabia Restarts East-West Pipeline as Houthis Threaten Bab el-Mandeb View full article →

Oil prices held steady after an earlier drop, as Saudi Arabia moved to restore capacity on its damaged East-West pipeline. The pipeline is a key route for moving crude across the country. Global fuel markets remain tight. Two conflicts are squeezing supply: the US-Iran conflict and the war between Russia and Ukraine. Ukraine has been striking Russian refineries, cutting into Moscow's fuel output. Bloomberg's Will Kennedy explains the situation.