JUST IN: 🇸🇦 Saudi Arabia restarts a major oil route capable of moving 7 MILLION barrels per day around Hormuz. The East-West oil pipeline carries crude to Yanbu, where exports are expected to resume later Tuesday, Reuters reports. Before the shutdown, it moved around 4M bpd, roughly 4% of global oil supply. At full capacity, it can carry 7M bpd, with around 5M available for export. By carrying oil to the Red Sea, the pipeline gives Saudi Arabia a critical escape route from Hormuz.