Oil Prices Hold Above $100 Amid Strikes and Pipeline Disruptions

Oil prices continued their decline on Friday, falling by around 1% to stay above $100 per barrel. This development comes as hopes of finding alternative ways for crude oil barrels from West Asia to reach markets outweigh concerns about strikes between Saudi Arabia and Yemen's Houthis.

According to Reuters sources, the Saudi East-West pipeline was damaged in an attack last week, which could cut off up to 4% of global oil supply. However, Bloomberg reported that Saudi Arabia is seeking to return half the capacity of its East-West oil pipeline within days after halting crude flows due to the critical link being halted.

US Energy Secretary Chris Wright said that crude should be flowing through the pipeline within days. Meanwhile, Iran's Revolutionary Guards Navy claimed that a Togo-flagged oil tanker was struck while attempting an 'illegal passage' through the Strait of Hormuz on Thursday.