Oil Prices Slide for Second Straight Session on Saudi Shipments Proposal

Global crude oil prices continued their downward trend on Thursday, falling for a second straight session. The Brent crude futures price dropped $1.24, or 1.2%, to $104.59 a barrel, while US West Texas Intermediate (WTI) futures fell $1.14, or 1.1%, to $101.29.

The decline was attributed to reports that Saudi Arabia had proposed additional crude shipments through Oman, easing concerns over potential supply shortages caused by the ongoing conflict in the Middle East. This development reduced some of the risk premium that had driven oil prices higher in recent sessions.

Despite the downward pressure on prices, uncertainty remains high as the conflict continues. A fresh disruption to production, transportation, or export routes could quickly revive upward pressure on crude prices.