Saudi Arabia restarts major oil route bypassing Hormuz

Saudi Arabia has restarted its East-West oil pipeline, providing a major alternative route for crude exports that bypasses the Strait of Hormuz, according to Reuters.
The pipeline carries crude to the Red Sea port of Yanbu and has capacity of roughly 7 million barrels per day, with around 5 million barrels per day potentially available for export. Before its shutdown, the route was moving approximately 4 million barrels per day, equivalent to roughly 4% of global oil supply.
Restoring the route improves Saudi Arabia's ability to maintain exports during disruption around Hormuz and could reduce some of the supply-risk premium currently affecting crude markets.