Saudi Arabia Resumes Red Sea Oil Exports in Blow to Iran

According to Worthy News, which cited the Journal, Aramco began loading crude onto vessels at the Red Sea port of Yanbu on Sunday[2]. Worthy News also reports that the pipeline is currently moving roughly 3.5 million barrels per day, with some of that oil supplying Saudi refineries.[2]Fortune reports that the pipeline's flows remain less than its full capacity of 7 million barrels per day[3]. Fortune says this comes just a few weeks after Iran-backed militias in Iraq damaged the pipeline[3]. Investing.com reports that full restoration could still take six to eight weeks[4].CNBC reports that Brent crude futures, the international benchmark, fell 2.6% to close at $102.59 a barrel[5] on Tuesday. According to CNBC, Kpler said a total of 12.5 million barrels were loaded onto nine tankers at Yanbu from Saturday through Monday[5].According to Fortune, Brookings senior fellow Robin Brooks said Saudi Arabia actually stands to generate more oil revenue now than it did before the war started in February[3]. Fortune also reports that the U.S. naval blockade is crushing its economy and preventing any of its oil from being exported[3], referring to Iran.SAFETY4SEA reports that Yemen's Houthi movement has claimed attacks on Saudi energy infrastructure and shipping[6]. SBS reports that Capital Economics' Hamad Hussain said "crude oil exports from Yanbu port will be more difficult than before."[1]Sprague Energy reports that Iran's parliamentary speaker, Mohammad Baqer Qalibaf, said no country in the region would be able to export oil if the Islamic Republic was prevented from selling its own oil.[7]