Oil Prices Plummet on Eased Supply Disruption Fears Amid Ongoing Middle East Tensions

Oil prices fell by about 3% on Thursday to their lowest level in a week, as reports of additional Saudi crude cargoes through Oman eased concerns over supply disruptions.

The Brent crude futures contract dropped $3.85 (3.64%) to $101.98 per barrel at 1000 GMT, while the US West Texas Intermediate futures contract fell by $3 (2.93%) to $99.43 per barrel, its lowest since September 11.

This decline comes after US Energy Secretary Chris Wright signaled a quicker return to service for Saudi Arabia's East-West pipeline, which was damaged in an attack last week.

The damage to the pipeline has raised concerns over global oil supply, with some estimates suggesting it could cut off as much as 4% of global oil supply if operations are not resumed soon.

Despite Thursday's decline in oil prices, concerns about the escalating Middle East conflict remain, with two pumping stations serving the East-West pipeline still damaged and a repair timeline unclear.