Oil prices are falling for a second consecutive session, with Brent trading below $104 a barrel, as Saudi Arabia plans to gradually restore operations of the critical East-West pipeline. At the same time, increased oil flows through the Strait of Hormuz are easing concerns about global supply.

Brent was down 1.75% below $104 on Thursday morning, continuing the downward trend that began in the previous session.

A key factor weighing on prices is the information that Saudi Arabia plans to bring approximately half of the East-West pipeline’s capacity back online within the next few days, while the goal is to fully restore its operations within about six weeks.

The pipeline, which provides an important alternative route for transporting oil while bypassing the Strait of Hormuz, was damaged by drone attacks last week.

Flows Through Hormuz Increase

Until the pipeline is fully restored, Saudi Arabia is stepping up efforts to transport larger quantities of crude through the Strait of Hormuz, with the assistance of the U.S. military.

U.S. Energy Secretary Chris Wright said that approximately 18 million barrels of crude oil and petroleum products passed through Hormuz earlier this week.

This development indicates that, despite the serious geopolitical tensions in the region, significant quantities of oil continue to be transported through this particular maritime route.

Mixed Picture from U.S. Inventories

In the United States, official government data showed that crude oil inventories fell by 640,000 barrels, to 423.4 million barrels.

The decline, however, was smaller than analysts had expected, limiting the data’s upward impact on prices.

Of particular interest is the large divergence from the previous estimate by the American Petroleum Institute, which had reported an increase in inventories of 7.1 million barrels.

The significant difference between the two measurements underscores the volatility prevailing in the energy market, as investors seek to assess both the actual state of U.S. supply and the impact of geopolitical developments on global oil flows.