Oil Prices Dip for Second Straight Day Amid Saudi Pipeline Repair Hopes

International oil prices continued their downward trend for a second straight day, as expectations of repairs to Saudi Arabia's East-West Pipeline and increased crude shipments through the Strait of Hormuz weighed on markets.

The West Texas Intermediate (WTI) price fell near $102 a barrel, while Brent settled below $106 a barrel. This decline marks the second consecutive day of losses for international oil prices.

Saudi Arabia's efforts to restore its East-West Pipeline are underway, with reports indicating that about half of the damaged pipeline's transport capacity will be operational within days and full operations expected in approximately six weeks.