Oil Prices Slip 1% Despite Middle East Tensions

Global oil prices declined by about 1% for the third consecutive session on September 18, but remained above $100 per barrel. Brent crude futures fell $1.01 to $103.77 a barrel, while US West Texas Intermediate (WTI) futures dropped $1.03 to $100.88 a barrel.

The decline in oil prices was largely due to the hopes of alternative routes for Middle Eastern crude reaching global markets outweighing concerns over fresh strikes between Saudi Arabia and Yemen's Iran-backed Houthis.

Saudi Arabia is seeking to restore about half of its East-West pipeline capacity within days, which could offset some of the disruption caused by the damage. The US Energy Secretary has also stated that crude should begin flowing through the pipeline within days.