Oil Prices Fall Despite Ongoing Middle East Tensions

Oil prices declined on Thursday, despite ongoing Middle East tensions, after reports that Saudi Arabia was offering additional crude cargoes through Oman to offset supply disruptions.

The move came after Saudi Arabia offered more crude loadings to Asian refiners through ship-to-ship transfers off Oman's Sohar port, easing concerns over supply disruptions in the region.

Crude oil prices fell by 1.22% and 1.2% for Brent and US West Texas Intermediate futures respectively, following a $3 drop on Wednesday.

The decline came despite concerns that attacks on Saudi Arabia's East-West pipeline could lead to supply disruptions, with Goldman Sachs warning of the potential for oil prices to rise as high as $120 per barrel if attacks intensify.