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Brent futures fell 3.6% to around $102 per barrel as Saudi Arabia makes additional supply to Asian refiners through ship-to-ship transfers
- Crude loadings at the Yanbu Red Sea terminal were halted earlier this week, forcing Saudi Arabia to cancel some shipments to European customers.
- U.S. Energy Secretary Chris Wright described the outage of Saudi Arabia’s East-West pipeline as a “brief and temporary interruption” expected to last days rather than an extended period.