Middle East Supply Disruption Fears Ease, Oil Prices Fall Further

Oil prices continued to fall on Thursday as concerns about supply disruptions in the Middle East eased. Saudi Arabia's offer of extra crude oil cargoes through Oman has reduced fears of shortages, although prices remain above $100 due to ongoing tensions in the region.

The Brent crude futures price dropped by $1.88 (1.8%) to $103.95 a barrel, while US West Texas Intermediate futures fell by $1.77 (1.7%) to $100.66 a barrel. These prices represent declines of around $3 from Wednesday's figures.