Crude oil prices rose on Wednesday as supply concerns continued to weigh on the market, fueled by reports suggesting that Saudi Arabia’s East-West pipeline may resume partial operations sooner than a full repair, which could take six to eight weeks to restore the facility to full capacity. Sources cited by The Wall Street Journal noted that the pipeline is currently being tested for “structural integrity” and “pressure.” Namely, Aramco has been forced to reroute deliveries through the Strait of Hormuz, a route the company had sought to avoid by relying on its East-West pipeline, which has a capacity of up to 7 million barrels per day. In addition, geopolitical concerns over the deepening crisis in the Middle East added to pressure on oil prices, after a Saudi airstrike on the strategic Red Sea port city of Mokha killed six civilians.
For November contracts, the West Texas Intermediate jumped 2.37% to $91.76 a barrel. Brent rose 2.03% to $101.24 per barrel at 9:45 am ET.