Crude Oil Falls to $102.13 Per Barrel on September 17, Down 0.29 Percent as Markets Assess Saudi Pipeline Recovery and Ongoing Hormuz Restrictions

Crude oil fell to $102.13 per barrel on September 17, down 0.29 percent from the previous day, according to Trading Economics. Brent crude traded in a range between $104.21 and $106.00 during the session. Over the past month, crude oil prices rose 21.50 percent, and are up 61.45 percent compared to the same time last year. US Energy Secretary Chris Wright said that 18 million barrels of crude and petroleum products passed through Hormuz earlier this week. In the US, official data showed that crude inventories declined by 640,000 barrels to 423.4 million barrels, although the decrease was smaller than analysts had anticipated. The figures differed sharply from the API's earlier estimate of a 7.1 million-barrel increase in crude inventories. Saudi Arabia's East-West pipeline remains offline following drone attacks last week, although US Energy Secretary Wright said the outage should last only a matter of days. The modest pullback on September 17 reflects a market in tentative reassessment rather than structural easing. Oil has spent most of September above $100 per barrel, with Brent hitting $109.21 on September 15 before the current retreat. The East-West pipeline, which carries 4 to 5 million barrels per day and allows Saudi Arabia to bypass the Strait of Hormuz, remains a critical alternative route while Hormuz itself sees only minimal commercial traffic. The US inventory draw, though smaller than expected, continues a pattern of tightening stocks amid elevated global demand and constrained supply. With Hormuz effectively closed since late February 2026 and the Saudi pipeline now also offline, global crude flows remain under significant strain despite the recent price pullback, and the market is watching pipeline restart timelines closely as a near-term signal for supply relief.