Saudi Arabia's East-West oil pipeline resumes crude exports, Donald Trump denies concessions to Iran, oil prices fluctuate sharply on Monday.
Saudi Aramco, the Saudi national oil company, began loading crude oil through the East-West Pipeline to the Red Sea port of Yanbu on Sunday (September 27), with a transmission volume of approximately 3.5 million barrels per day. The pipeline had been shut down since September 10 after an attack. Meanwhile, CNN reported on Monday that U.S. officials revealed Donald Trump was willing to lift sanctions on Iran in exchange for progress on Iran's nuclear program, but Donald Trump later posted to deny this. Saudi media Alhadath reported that Iran had agreed to suspend uranium enrichment in exchange for sanctions relief, but this lacked official confirmation. Buffeted by alternating bullish and bearish news, international oil prices fluctuated sharply on Monday (September 28), with WTI crude oil at one point rising nearly 4.5% to $96.54/barrel, before giving back gains and briefly turning down nearly 1% to $91.25/barrel.
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