Oil Prices Slide as Saudi Pipeline Repairs Ease Supply Fears

Oil prices fell for the third consecutive day as Saudi Arabia repaired its damaged East-West pipeline and diplomatic efforts aimed at reducing tensions between the US and Iran gained momentum.

Brent crude slipped below $104 a barrel, shedding more than 3% over the previous two sessions, while West Texas Intermediate traded near $101 a barrel.

The easing of supply concerns was partly due to Saudi Arabia's plan to restore roughly half its pipeline capacity within days. Meanwhile, tankers continued to pass through the Strait of Hormuz despite ongoing tensions.

US President Donald Trump told Axios that he was nearing a 'big decision' on whether to resume attacks on Tehran and would meet leaders of Persian Gulf nations in New York next week to discuss post-war strategy. China has privately urged Iran to help restrain Houthi militants, according to Reuters, following an appeal from Riyadh.