Oil Prices Rebound as Saudi Supply Concerns Offset Middle East Tensions
Oil prices pared earlier losses on Friday as markets assessed Saudi supply alongside concerns about a widening Middle East conflict.
Brent crude futures fell by 33 cents, or 0.31%, to $104.49 a barrel by 1411 GMT, while US West Texas Intermediate futures gained 88 cents or 0.86% to $102.79.
The damage to Saudi Arabia's East-West Pipeline has raised concerns about global oil supplies, with the pipeline being targeted in an attack last week and satellite imagery showing three pumping stations were damaged.
UBS energy analyst Giovanni Staunovo said 'Oil prices are being supported by ongoing tensions in the Middle East, with tankers being targeted in the Strait.'
Saudi Aramco told at least two European refining customers they will receive no crude oil next month following an attack on Saudi Arabia's key pipeline to the Red Sea.