📈 Global Crude Oil Eases After 3-Week Rally; Prices Remain Above US$ 100/bbl

• Market Movements: Crude oil prices are set for a modest weekly loss following a three-week gain, driven by reduced supply fears over Saudi Arabian crude exports. • Current Benchmarks: Brent crude traded at US$ 103.65 per barrel, while West Texas Intermediate (WTI) reached US$ 101.04 per barrel. • Supply Diversion: Aramco mitigated Red Sea export halts—caused by Houthi attacks on the East-West pipeline—by using ship-to-ship transfers off Oman in the Gulf of Oman, bypassing the Strait of Hormuz. • Pipeline Restoration: Aramco expects to restore 2.0 to 2.5 million bpd (half of its daily flow) via the East-West pipeline, softening market panic. • Economic Context: Despite the dip, prices over US$ 100/bbl maintain severe pressure on energy import bills and domestic pump prices for net importers relying heavily on petroleum distribution.