Oil Prices Plummet as Middle East Tensions Ease
Oil prices declined by about 3% on Thursday to a one-week low, as concerns over supply disruptions eased despite ongoing Middle East tensions. Brent crude futures fell $3.85 to $101.98 per barrel at 1000 GMT, while US West Texas Intermediate futures dropped $3 to $99.43 per barrel.
The decline in oil prices came after reports of additional Saudi crude cargoes being transported through Oman eased fears of supply disruptions. This development offset earlier gains tied to attacks on Saudi Arabia's East-West pipeline, which is currently shut down.
Despite the recent decline, concerns over diesel supplies remain a pressing issue. European gasoil and US ultra-low sulfur diesel futures have hit record highs due to tightening refined fuel supply, exacerbated by disruptions in the Middle East and Russia.