Middle East Tensions Ease, Oil Prices Rebound Slightly

Oil prices continued to decline for a third consecutive day as supply concerns in the Middle East eased. West Texas Intermediate (WTI) fell towards $101 a barrel, while Brent crude ended below $105. The drop comes after WTI lost nearly 4% over the past two trading sessions.

The situation in the Middle East appears to be stabilizing, with Saudi Arabia working to repair the damaged East-West pipeline. The country aims to restore about half its capacity within days. Meanwhile, some tankers are still navigating the contested Strait of Hormuz.