Oil Prices Decline Amid Saudi-Yemen Tensions

Oil prices declined by about 1% on Friday, despite concerns over potential disruptions to supply. The decline extends losses for a third consecutive session.

Hopes of alternate routes for oil barrels from the Middle East to reach markets outweighed concerns about strikes between Saudi Arabia and Yemen's Houthis.

Brent crude futures fell $1.01, or 1%, to $103.77 a barrel by 0020 GMT, while US West Texas Intermediate futures fell $1.03, or 1%, to $100.88 a barrel.

Markets largely shrugged off concerns about new threats to supplies even as Saudi Arabia and Yemen's Iran-backed Houthis exchanged fresh strikes across their border on Thursday.