Oil Prices Fall on Saudi Crude Optimism Amid Yemen Conflict

Oil prices fell on Friday due to optimism that Saudi crude will reach global markets and ease concerns about supply disruptions. Despite new fighting between Saudi Arabia and Yemen's Iranian-backed Houthis, investors are hopeful that some crude shipments will be delivered through Oman.

The Brent crude futures price dropped by nearly 0.7% to $104.10 per barrel, while U.S. West Texas Intermediate futures fell by 0.5% to $101.37 per barrel.

Saudi Arabia's pipeline was closed after being attacked by the Houthis last week, sparking fears of further disruptions in energy supplies. However, reports that some crude shipments have been delivered through Oman have cooled these concerns.