How did Saudi Arabia resume crude exports from Yanbu after drone strikes shut the East-West Pipeline for 17 days, what capacity remains unavailable, and how have the outage and restart affected European refiners, oil prices, Saudi export routes through the Strait of Hormuz, broad

Saudi Arabia has resumed loading crude at Yanbu after partially repairing and restarting the East-West Pipeline, ending a 17-day halt in Red Sea loadings. The restart is not evidence of a return to full pipeline capacity: reports describe limited loadings, but the available evidence does not establish how much capacity remains unavailable. 912

• European refiners: The outage led Saudi Arabia to cancel some European cargoes. Poland’s Orlen sought replacement supplies, and Aramco reportedly told at least two European refiners they would receive no October crude; the restart does not yet confirm those deliveries will be restored. 131
• Prices: Supply fears pushed oil about $3 higher on September 15. Prices then fell as pipeline flows recovered and more ships moved through Hormuz, before renewed attacks and uncertainty over the strait lifted them again. 1034
• Routes and regional flows: While Yanbu was disrupted, Saudi Arabia increased loadings at its Gulf terminals—including about 14 million barrels on seven supertankers on one day—leaving more exports reliant on passage through the Strait of Hormuz. The Yanbu restart restores a route that bypasses the strait, while reports of increased Saudi shipments and other ship movements point to improving, but still vulnerable, Middle East flows. 1139
• Brent, copper and the outlook: The evidence supports a shifting oil risk premium as traders weigh returning barrels against the possibility of further attacks and restricted Hormuz traffic. It does not substantiate a specific change in trader positioning in either Brent or copper. With U.S.–Iran diplomacy yet to deliver a breakthrough, the pace of pipeline repairs and security of both export routes remain the decisive uncertainties. 414