Oil prices cooled off after a massive multi-day rally even as investors weighed supply concerns following Saudi Arabia’s suspension of oil loadings at its Yanbu port. The move came after an attack on the country’s East-West pipeline, which carries crude to the Red Sea.
Investors are now watching how long Saudi Arabia’s East-West pipeline will remain out of operation. Drone strikes forced the pipeline to shut last week, and Saudi Aramco has since delayed oil deliveries to some European buyers this month, according to a Bloomberg report.
