Oil prices fell Tuesday as Saudi Arabia’s crude exports from its Red Sea ports recover from an attack on a key pipeline earlier this month.

Brent crude

Satellite imagery has confirmed a “major operational recovery” at the Yanbu and Muajjiz terminals, according to a Kpler note published Tuesday.

A total of 12.5 million barrels were loaded onto nine tankers at Yanbu from Saturday through Monday, according to Kpler. Exports from Yanbu were disrupted by the drone attack on Saudi Arabia’s East-West pipeline earlier this month, raising fears of another major hit to global supplies.

But Riyadh has restored flows through the pipeline to around 3.5 million barrels per day, people familiar with the matter told The Wall Street Journal and Bloomberg News on Monday. Its maximum capacity is 7 million bpd.

U.S. and Iranian officials, meanwhile, spoke to mediators on Monday as they try again to negotiate a deal to end the seven-month-long conflict.

Iran offered last week to reopen the Strait of Hormuz in seven days if the U.S. commits to the conditions in the failed June memorandum of understanding. But President Donald Trump on Saturday rejected Tehran’s proposal as oil exports through Hormuz recover.

Oil flows through Hormuz have hit a seven-day average 13.2 million barrels per day, which is 77% of the 17 million bpd that transited the waterway before the U.S.-Iran war, according to Kpler data.

The U.S. military provides protection to tankers from its Gulf allies and maintains a blockade against Iran’s exports.

The bond market is giving 2022 vibes right now, and not in a positive way, according to Bank of America. Yields skyrocketed to multiyear highs this week, as oil prices stay elevated and new U.S. data suggests the Federal Reserve may need to hike rates even more to quell inflation. The benchmark 10-year Treasury note yield reached levels not seen since 2007 above 5.2%. The 30-year bond yield also spiked to its highest levels since 2004. Equities, for their part, weathered the move higher well. The S & P 500 is up around 1% week to date. The Nasdaq Composite jumped nearly 2%. But for BofA technical strategist Paul Ciana, this may be the calm before the storm. US10Y YTD bar US 10-year yield in 2026 “We see parallels with 2022, when the US 10-year real yield broke out of a trading range and rose from approximately -1% to +1.5%. Around that period, the SPX, Euro and Bitcoin formed important peaks and declined, while equity, rates and FX volatility accelerated higher,” Ciana wrote. “The comparison does not require an identical outcome, but we do think it argues for greater caution.” Stocks entered a bear market in 2022, as the Fed quickly raised rates to fend off a massive surge in inflation. The S & P 500 fell more than 19% that year, marking its worst annual performance since 2008 — when it tumbled 38%. Ciana noted investors can hedge by scooping up put options on the SPY ETF , which tracks the S & P 500. “Investors seeking protection may consider one- to three-month SPY 750 puts or 750/730 put spreads,” he said. “The lower strike corresponds to the July lows.” “However, the rise in real yields is quite stretched on weekly RSIs. If yields retrace lower and positive SPX seasonals follow through, hedges may not perform,” he said, referring the relative strength index, a popular indicator that helps assess whether an investment may be overbought or oversold.

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