Bloomberg reports Saudi Aramco may restart crude loadings at Yanbu this week, raising hopes that the critical East-West pipeline route, which bypasses the Strait of Hormuz, could resume operations at half capacity after a drone attack disabled it.
While no restart timeline has been confirmed, the overnight development adds to positive signs of progress toward resolving the global energy crisis after Brent slipped below $100 a barrel on reports that Iran offered to reopen the strait in exchange for an easing of US naval pressure and the US blockade of Iranian ports.
However, Iran's semi-official Fars News Agency has denied reports from Kyodo and Reuters about reopening Hormuz, calling them "invalid and untrue."
The report also said Aramco executives told at least three Asian refiners they could soon resume picking up crude at Yanbu on the Red Sea.
Loadings at the Red Sea port have been halted since drone attacks launched from Iraq struck an East-West pipeline pumping station on September 10. The route had b
