September 18, 2026 [Oil Price]- Saudi Arabia has sold up to 60 million barrels of crude oil from the Ras Tanura port for September and October, utilizing ship-to-ship transfers at Oman’s Sohar port after shutting down its East-West pipeline due to drone attacks from Iraq. This shift to the Strait of Hormuz aims to maintain export levels amid concerns over reliability. Most shipments are headed to refiners in China and South Korea, with some to Japan and India. Despite the pipeline outage, increased exports through Hormuz have limited oil price increases, leading to a potential weekly decline in prices.

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