Oil Prices Fall as Middle East Tensions Ease Slightly
Oil prices fell about 1% on Thursday as investors weighed the disruption from strikes by Saudi Arabia and Yemen's Iran-backed Houthis against reports that additional Saudi crude barrels could reach global markets.
The Brent crude futures closed down $1.01, or 0.95%, at $104.82 a barrel, while US West Texas Intermediate futures fell 52 cents, or 0.5%, to $101.91 a barrel.
Saudi Arabia and Yemen's Iran-backed Houthis exchanged fresh strikes across their border on Thursday, threatening to worsen the global energy supply shortage caused by the US and Israel's attack on Iran in February.
The East-West pipeline supplies Yanbu, Saudi Arabia's Red Sea export hub, which had been suspended due to drone attacks. The pipeline was expected to be restored within days, with Saudi Arabia seeking to return about half its capacity.