Middle East Disruptions Send WTI Oil Prices Slipping to Near $100.50

West Texas Intermediate (WTI) oil prices dipped to near $100.50 per barrel on Wednesday, despite escalating supply disruptions in the Middle East.

The decline follows two days of gains, but market analysts warn that crude oil prices may rebound due to ongoing broadening supply disruptions.

Saudi Arabia has cancelled several September crude deliveries to European customers following recent drone attacks that forced the emergency closure of its crucial East-West pipeline.

Iran-backed Houthi militants have renewed their attacks in the region, and there is still no clear operational timeline for reopening the strategic pipeline, which serves as a vital alternative shipping route to bypass the Strait of Hormuz.