Oil Prices Fall Amid Middle East Tensions

Oil prices fell by about 1% for the third consecutive session on September 18, but remained above $100 a barrel. The decline in Brent and West Texas Intermediate (WTI) crude futures came as hopes of alternative routes for Middle Eastern crude outweighed concerns over fresh strikes between Saudi Arabia and Yemen's Iran-backed Houthis.

The recent tensions did not significantly impact oil prices, with Brent crude falling by $1.01 to $103.77 a barrel, while WTI declined by $1.03 to $100.88 a barrel. The market largely shrugged off the fresh supply concerns after Saudi Arabia and the Houthis exchanged strikes across their border.

Saudi Arabia's efforts to restore pipeline capacity have eased some immediate supply concerns. The country aims to restore about half of the pipeline's capacity within days, while also offering more crude cargoes to Asian refiners through ship-to-ship transfers off Oman's Sohar port.