Oil Prices Decline by 1% Amid Hopes of Limited Disruptions

Oil prices declined by about 1% on Friday, but remained above $100 per barrel due to hopes of limited supply disruptions.

The 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.

Despite concerns about strikes between Saudi Arabia and Yemen's Houthis, markets largely shrugged off the threat, with hopes of alternate ways for barrels from the West Asia to reach markets outweighing the concerns.

The US Energy Secretary Chris Wright stated that crude should be flowing through the pipeline within days after the East-West oil pipeline was damaged in an attack last week.