Saudi Arabia Resumes Red Sea Oil Exports in Blow to Iran

According to Investing.com, Bloomberg reported that the restart ended a 17-day export halt from the Red Sea port of Yanbu that had left some European customers facing zero allocations[2] next month.CNBC reports that Riyadh has restored flows through the pipeline to around 3.5 million barrels per day, people familiar with the matter told The Wall Street Journal and Bloomberg News[3]. According to Worthy News, the pipeline can carry as much as 7 million barrels per day[4].Fortune reports that Iran-backed militias in Iraq damaged the pipeline[5] a few weeks ago.Citing Kpler, CNBC reports that 12.5 million barrels were loaded onto nine tankers at Yanbu from Saturday through Monday[3]. CNBC also says Brent crude futures fell 2.6% to close at $102.59 a barrel[3]. Fortune also says the U.S. naval blockade is crushing[5] Iran's economy and stopping its oil exports.SBS reports that Capital Economics' Hamad Hussain said exports from Yanbu "will be more difficult than before"[1] because of threats from the Houthis. Safety4Sea reports that Saudi authorities have reported intercepting missiles aimed at the Yanbu area[6].Sprague Energy reports that Iranian parliamentary speaker Mohammad Baqer Qalibaf said no country in the region would be able to export oil[7] if Iran is blocked from selling its own.