Brent crude fell to $105.89 per barrel today, while West Texas Intermediate slipped to $102.39. These declines follow a week of volatility that saw Brent briefly breach $108 per barrel after attacks crippled the pipeline network feeding Yanbu. Concerns intensified following reports that Saudi Aramco cancelled several European-bound cargoes, compounded by data from Kpler showing Yanbu storage levels plummeting from 21 million barrels in July to under 15 million.

To stabilize the flow, Saudi Arabia is now redirecting crude toward Persian Gulf ports. By utilizing ship-to-ship transfers in the Gulf of Oman, state-run Aramco intends to bypass the bottlenecked Strait of Hormuz. This logistical pivot mirrors strategies recently perfected by the United Arab Emirates. Despite these adjustments, the Strait of Hormuz remains effectively paralyzed, with tanker traffic languishing in the single digits following frequent strikes on vessels in the waterway.