Oil Prices Slide as Middle East Supply Fears Ease

Oil prices declined on Thursday as concerns about Middle East supply disruptions eased.

Saudi Arabia is offering more crude cargoes to Asian refiners through ship-to-ship transfers off Oman's Sohar port, helping offset some of the disruption caused by attacks on the East-West pipeline to the Red Sea.

The suspension of crude loadings at Saudi Arabia's Red Sea export hub of Yanbu had pushed oil prices to around four-month highs earlier in the week.

Despite Thursday's decline, concerns about the escalating Middle East conflict remain, with two pumping stations serving the East-West pipeline damaged in an attack last week and the repair timeline unclear.